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DOC’s latest report shows modest retail gains
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In April, overall retail sales followed the expected trends, but furniture and home furnishings sales continued to decline, according to the U.S. Department of Commerce’s latest estimates.
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Specifically
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Specifically, furniture and home furnishings sales amounted to $11.398 billion in April, showing a 6.4% decrease compared to April 2022’s $12.040 billion and a 0.7% decrease from March’s $11.477 billion.
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Year-to-date
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Year-to-date, furniture and home furnishings sales have reached $44.570 billion, reflecting a 1.6% decline compared to the first four months of 2022. This decline has persisted following a strong performance in January.
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On the other hand
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On the other hand, retail sales as a whole saw an increase in April, reaching $686.052 billion, which is a 1.6% rise compared to April 2022’s $679.473 billion and a 0.4% increase compared to March’s $683.179 billion.
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Year-over-year changes
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When analyzing year-over-year changes, only gas stations (down 14.6%) and electronics and appliance stores (down 7.3%) experienced larger declines than furniture and home furnishings. Compared to March, sporting goods, hobby, musical instrument, and bookstores (down 3.3%) and gas stations (0.8%) performed worse than furniture and home furnishings.
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Monthly gains
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In terms of monthly gains, miscellaneous store retailers saw a 2.4% increase, and non-store retailers experienced a 1.2% increase in April.
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Important to note
[/et_pb_text][et_pb_text _builder_version=”4.19.4″ _module_preset=”f93ab4cc-411b-4c30-a17a-dda7ffbfddd5″ global_colors_info=”{}”]It’s important to note that the Department of Commerce’s advance estimates are based on a sub-sample of the U.S. Census Bureau’s retail and food services sample. This sub-sample of approximately 5,500 firms is then weighted and benchmarked to represent the entire universe of more than 3 million retail and food services firms.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]