Retail sales rose by 0.5% in April and were up 0.7% excluding a 0.4% decline in motor vehicle and parts sales.
A 2.8% jump in gasoline station sales and a 0.8% increase in grocery store sales were the key factors.
Control group retail sales, which exclude motor vehicles, gas, building materials, and food services, rose by 0.5% after a 0.9% gain in March.
Import prices rose by 1.9% in April and were up 0.7% excluding a 19% jump in petroleum prices, an indication that imported inflation is present even without the energy effects from the conflict in the Middle East. At the same time, export prices rose by 3.3% in April and were still up 3.4% excluding a 1.6% gain in agricultural prices.
Business inventories rose by 0.9% in March after a 0.4% gain in February. Business sales rose by 2.1% after a 1.8% gain, with increases at the factory, retail and wholesale levels.
Initial jobless claims increased by 12,000 to 211,000 in the week ended May 9, lifting the four-week moving average by 750 to 203,750 after two straight declines. Insured claims rose by 24,000 to 1.782 million in the week ended May 2.
Natural gas stocks rose by 85 billion cubic feet to 2.290 trillion cubic feet in the week ended May 8, up 2.3% from a year earlier and 6.5% higher than the seasonal average for the current week over the previous five years.
The Q2 GDP nowcast estimate from the Atlanta Fed is for a 4.0% gain, up from the previous estimate of a 3.7% gain.