Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending
6 months ago

Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending

Associated Press  

NEW YORK — Consumers barely increased spending in May from April as still high prices on groceries and other necessities and high interest rates curbed spending. Earlier this month, the government reported that America’s employers added a robust 272,000 jobs in May, accelerating from April and an indicator that companies are still bullish enough in the economy to keep hiring despite stubbornly high interest rates. The government’s report on consumer inflation last week, showed how inflation cooled substantially in May, as the cost of gasoline, new cars, and even car insurance fell. Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said last week.

History of this topic

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