Retail sales growth slowed in April from March as higher gas cost leaves less room for nonessentials (opens in new tab)

Shoppers pulled back on spending in April as higher gas prices fueled by the Iran war meant less money left over for some nonessentials like clothing and furniture. Retail sales rose 0.5% in April, a slowdown from the revised growth level of 1.6% in March, according to Commerce Department data released Thursday. March marked the largest one-month increase in retail spending in more than three years, largely because gas prices spiked higher rapidly.