Retail Sales Rise 0.9% in April as Consumers Show Resilience

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — U.S. retail sales rose 0.9% in April, a solid increase that underscores Americans’ ability to keep ramping up spending even as inflation persists at nearly a 40-year high.

The increase was driven by greater sales of cars, electronics, and at restaurants, the Commerce Department said Tuesday.

Even adjusting for inflation, which was 0.3% on a monthly basis in April, sales increased. Gas prices fell slightly last month, restraining inflation, after soaring in March in the aftermath of Russia’s invasion of Ukraine.

Consumers are providing critical support to the economy even after a year of seeing prices spiral higher for gas, food, rent, and other necessities. The economy contracted in the first three months of the year, but consumer and business spending still increased at a healthy pace.

Political Cartoons

Strong hiring, rapid wage increases, and a healthy level of savings — on average — have bolstered consumers’ financial health, despite a sharp increase in consumer prices of 8.3% in April compared with a year ago. The increase was just below a four-decade high reached in March.

Still, economists are watching closely to see if consumer spending can continue to outpace inflation. Slower spending would drag down the economy’s growth. While that might bring down inflation, it would also threaten to push the economy into recession.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Source link


Share post on

News

Here’s Why You Shouldn’t Use ‘Hey’ as a Dating App Pickup Line

    Let's get one factor out of the best way: The finest method...

By Nicholas Raymond
News

Supreme Court Marshal Asks Officials to End Protests at Justices’ Homes

  WASHINGTON — The chief safety officer of the Supreme Court has requested that...

By Nicholas Raymond
News

Tropical Storm Colin brings rain to Carolinas on July Fourth weekend

Tropical Storm Colin weakened after bringing rain and winds to the Carolinas on Saturday,...

By Nicholas Raymond
News

Washington, D.C. crash leaves two dead after pickup truck drives into fireworks stand

  NEWYou can now take heed to Fox News articles! Two individuals in Washington,...

By Nicholas Raymond
News

Google Says It Will Delete Location Data When Users Visit Abortion Clinics

  SAN FRANCISCO — Google mentioned on Friday that it could delete abortion clinic...

By Nicholas Raymond
News

12 ways to make your retirement better for the planet

  Today’s preretirees and retirees face a number of monetary challenges as well as...

By Nicholas Raymond
News

A Clunky Mask May be the Answer to Airborne Disease and N95 Waste

  “Elastomerics for us actually had been a recreation changer,” Dr. Chalikonda mentioned. “When...

By Nicholas Raymond
News

Opinion | Was Jan. 6 Really ‘Un-American’?

  “I can solely think about how you're feeling,” I wrote. “I actually do...

By Nicholas Raymond

Latest Posts

Coupon

Bliss Hammocks Macrame Hanging Rope Swing Chair only $32.48 shipped (Reg. $86!) in June 2022

Home » Deals » Bliss Hammocks Macrame Hanging Rope Swing Chair only $32.48 shipped...

By Alfred Keen
Coupon

LG 90 Series 86NANO90UPA 86″ 4K UHD NonoCell Smart TV for $1,695 in June 2022

Discounts on TVs, audio, appliances, more free shipping Save $150 on a bundle Galaxy...

By Alfred Keen
Coupon

Sparkle Girlz 30-Piece Bake Off Doll Set $6 in June 2022

Visit Amazon and get a nice deal on the Sparkle Girlz 30-Piece Bake Off Doll...

By Alfred Keen
Coupon

Nike Downshifter 11 Only 97 Cents with FREE SHIPPING! in June 2022

Nike Downshifter 11 Only 97...

By Alfred Keen
Coupon

Dickie’s Women’s Original Work Pants $14 in June 2022

Visit Amazon where you can score these Dickie’s Women’s Original Work Pants at a...

By Alfred Keen
Coupon

OMG!! FREE High Quality Tent!!! in June 2022

Wow! We all...

By Alfred Keen
Coupon

Walk In The Park Graphic Tees only $19.99 shipped! in June 2022

Home » Deals » Walk In The Park Graphic Tees only $19.99 shipped! Published:...

By Alfred Keen
Coupon

Gabby’s Dollhouse 8-Inch Plush Toy $9.92 in June 2022

Amazon has Gabby’s Dollhouse 8-Inch Plush Toy on a nice sale. Get this one...

By Alfred Keen