US shoppers continued to spend at a steady pace in April, suggesting consumer confidence remains resilient despite growing concerns over import tariffs and broader economic uncertainty.
According to data released by the US Census Bureau, overall retail sales rose by 0.1% on a seasonally adjusted basis compared to March.
Year-over-year, unadjusted sales climbed by 5.2%,matching the annual growth rate recorded in March, though down from that month’s stronger 1.7% monthly gain.
The latest figures point to a modest deceleration in spending momentum, but analysts say the broader trend reflects underlying economic strength.
Core sales dip slightly, but longer-term trend remains positive
The National Retail Federation (NRF) reported a slight decline of 0.1% in seasonally adjusted core retail sales for April, which exclude sectors such as automotive, fuel, and food services.
However, on a year-over-year basis, core sales were up 5.1%.
Looking at a three-month moving average, core sales rose by 3.4%, and for the first four months of 2025, they were up 3.8% compared to the same period last year, indicating continued retail stability despite short-term fluctuations.
Jack Kleinhenz, chief economist at the NRF, attributed this ongoing strength to positive macroeconomic fundamentals, including job creation, wage growth, and lower energy costs.
“These factors are helping to sustain consumer spending power even in the face of rising tariffs,” he told Retail Insight Network.
Retail monitor shows stronger growth
A separate report from the CNBC/NRF Retail Monitor, powered by Affinity Solutions, painted a more upbeat picture. It is estimated that core retail sales grew by 0.9% month over month in April and 7.11% year over year, well above the Census Bureau’s reported figures.
By comparison, March had shown a 0.4% monthly gain and 5.07% annual growth under the same monitor, indicating a notable acceleration in April.
These discrepancies underscore differences in data collection and methodology, but both reports point to one consistent theme: American consumers are still spending, even amid inflationary pressure and trade policy shifts.
Tariffs remain a watchpoint
The latest data come as retailers and economists continue to assess the impact of President Trump’s revived tariff programme, which has raised costs on a wide array of imported goods. While a 90-day reprieve on higher China tariffs was recently announced, uncertainty remains high across the retail sector.
Retail performance will remain a closely watched barometer for U.S. economic resilience as policy shifts, global supply chain dynamics, and inflation continue to shape consumer behaviour.
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