Retail sales are up 7.9% in real terms for January-April

Retail sales are up 7.9% in real terms for January-April, compared to the same period last year. Sales grew by 9.1% in April, fueled by the highest level of consumer confidence since Januar 2014. April’s consumer confidence level of 72 points, seems to reflect optimism surrounding the presidential election. Noting that first quarter real wages were up 10.9% q-o-q, ICU writes: “Consumer demand keeps rising thanks to solid growth in real household income.”