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US April retail sales fall 0.4% US April retail sales fall 0.4%
(10 minutes later)
Retail sales in the US fell 0.4% in April, according to official figures from the Commerce Department, which were much worse than had been expected.Retail sales in the US fell 0.4% in April, according to official figures from the Commerce Department, which were much worse than had been expected.
And the drop in March sales was revised from a 1.2% fall to a 1.3% fall. March's sales fall was also revised from a 1.2% drop to a 1.3% decline.
Slowing sales of gasoline and electronic goods were a particular drag on the figures.Slowing sales of gasoline and electronic goods were a particular drag on the figures.
Retail sales had risen in January and February following six straight months of declines, which had raised hopes of growing confidence among consumers.Retail sales had risen in January and February following six straight months of declines, which had raised hopes of growing confidence among consumers.
The eight months of declines are reflected in the annual figures - retail sales in April were 10.1% below the level in April 2008.
"I'm surprised at the declines and the downward revision to last month," said David Resler, chief economist at Nomura Securities in New York.
"These numbers are certainly discouraging - a bit disheartening," he added.
Gasoline sales were down 36.4% compared with the same month of 2008, while motor vehicle and parts sales were down 20.7%.