MONEYWATCH
U.S. consumers hold back, even as gas prices fall
May 15, 2012
May 15, 2012
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(AP) WASHINGTON - Lower gas prices in April weren't enough to embolden U.S. consumers to spend more elsewhere.
The Commerce Department said retail sales rose only 0.1 percent last month. Even after excluding gasoline station sales, consumers increased their spending on retail goods by just 0.2 percent.
That followed two stronger months in February and March. Some economists say a mild winter led consumers to make purchases earlier in the year, effectively stealing sales from April.
Gasoline prices have fallen sharply in the past month. The national average dropped to roughly $3.73 per gallon on Monday, roughly 17 cents cheaper
The Commerce Department said retail sales rose only 0.1 percent last month. Even after excluding gasoline station sales, consumers increased their spending on retail goods by just 0.2 percent.
That followed two stronger months in February and March. Some economists say a mild winter led consumers to make purchases earlier in the year, effectively stealing sales from April.
Gasoline prices have fallen sharply in the past month. The national average dropped to roughly $3.73 per gallon on Monday, roughly 17 cents cheaper
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