Retail Sales, Producer Prices Rise Modestly
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Retail sales rose a modest 0.2% in March, mostly on higher gasoline prices, and producer prices rose just 1%, showing the U.S. economy is expanding slowly but steadily.
Consumers’ views on the economy edged lower though, according to the University of Michigan’s preliminary monthly survey of consumer sentiment, which fell to 94.4 in April from 95.7 in March.
Retail sales would have been flat without gasoline, the Commerce Department report showed. Excluding sales of autos, which fell 0.4%, overall sales would have been up 0.4%.
Prices at the wholesale level rose 1% in March, but were up just 0.1% after excluding volatile food and energy prices, the Labor Department said.
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