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Commerce Department: Retail Sales Up in April
Published on May 12, 2011
Read 'Commerce Department: Retail Sales Up in April' at 'Time to Start Up,' the small business blog by BizFilings.
Following a string of varying news regarding the state of the economy, the U.S. Department of Commerce released a report Thursday showing retail sales grew for the 10th straight month in April.
According to the report, retail sales grew by 0.5 percent last month, spurred largely by rising energy prices. However, improved auto sales - which rose by 0.6 percent - also helped stimulate retail activity.
"Reflecting strong job gains and tax cuts, today's report shows consumer spending has been expanding across the board," Commerce Secretary Gary Locke said in a statement. "However, Americans are spending an increasingly large portion of their paychecks on rising fuel costs lately."
That money, Locke added, could be better spent on other areas that would be more effective in driving the economy, particularly through heightened small business activity. Such diversion of cash may also have contributed to the fact that April's readings marked the lowest gain since July of last year.
While the news may be a sort of mixed bag to entrepreneurs starting a business, recent showings of greater hiring and borrowing in the small business sector may serve as a bit of hope.