NEW YORK — Americans’ spending — much like the economy — continues to yo-yo.
Major retailers such as Costco and Macy’s on Thursday reported that April revenue rose less that 1 percent in the worst performance since 2009 when the U.S. economy was just coming out of a bad recession.
The disappointing results follow two consecutive months of strong sales that were boosted by positive economic news about the job and housing markets.
A small group of merchants representing roughly 13 percent of the $2.4 trillion U.S. retail industry report monthly revenue at stores open at least a year, a key measure since it excludes results from locations that open and close during the year. Still, the figures offer a snapshot of consumer spending, which accounts for more than 70 percent of economic activity. And recently, it has shown that Americans’ spending sways with the wave of economic news.
