U.S. Retail Sales Rise By 3.6 Percent In April

New York, NY (AHN) - Discounted items and wholesale goods attracted a significant number of U.S. consumers back into stores, leading to a 3.6 percent rise in retail sales for April.

According to the UBS-International Council of Shopping Centers, the 3.6 increase for the fourth month of 2008 was over previous projection of only 2 percent growth and a major turnaround from a 0.5 percent decline in March.

Michael Niemira, chief economist of the International Council of Shopping Centers, told AP the April growth was expected because the month had an extra shopping day.

The positive news about April retail sales follows the Federal Reserve's report Wednesday that consumer borrowing using credit cards and auto loans climbed up in March, its quickest pace in four months. Ken Perkins, president of RetailMetrics, told AP the higher spending on credit indicates some consumers spend their tax rebates in advance.

Wal-Mart led the retail gainers with a 3.2 percent increase in same store sales. Best selling items in Wal-Mart included grocery, health commodities and entertainment products, but its apparel sales continued to be weak.

"Consumers are focusing on value and price points and stretching their dollars," Perkins explained to AP.