The Commerce Department today reported that retail sales increased only 0.5% in April and most of those gains -- particularly at gas stations and grocery stores -- coming as either a direct or indirect result of rising gasoline prices.

Meanwhile, sales at furniture stores and electronics dealers fell 1.2% and 2.2%, respectively, a sign that Americans were spending more on gas, which peaked at a national average of $3.99 earlier this month, as oil prices ascended before pulling back about 18% in the past three weeks.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access