Jun 21, 2026
April’s retail sales came in just below expectations, rising 0.5% sequentially despite no change in volumes…
… led by a 5% pickup in sales at gas stations, most of which was price-driven. On a core basis, retail sales fell 0.7% M/M…
… which is showing up in consumer wallet share, as discretionary spend ticks down…
… and the composition of non-discretionary spend shifts towards gas at the expense of groceries.
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