U.S. Retail Sales Rise Slightly in April 

(MENAFN - Saudi Press Agency) Sales at U.S. retailers barely rose in April, pointing to some loss of momentum in consumer spending early in the second quarter, a government report showed on Tuesday.

The Commerce Department said retail sales rose only 0.1 percent last month, held back by a decline in receipts from building materials and clothing stores. That was the smallest gain since December when sales were flat.

March sales were revised slightly down to show a 0.7 percent rise rather than the previously reported 0.8 percent increase. Economists had expected retail sales to gain 0.2 percent last month.

The retail sales report represents the government's first look at consumer spending for the April through June quarter. Consumer spending is closely watched since it accounts for 70 percent of economic activity.

During the first quarter, overall economic growth slowed to an annual pace of 2.2 percent. That is down from the 3 percent increase in the October through December period, but faster than last year‚„s 1.7 percent pace.

The slowdown occurred because of weaker government spending and business investment. Consumer spending grew at an annual rate of 2.9 percent in the first quarter, the fastest pace in more than a year.