Posted on 06/18/2024 6:23:20 AM PDT by ChicagoConservative27
NEW YORK (AP) — Consumers barely increased spending in May from April as still high inflation and high interest rates curbed spending.
Retail sales rose 0.1% in May, below the pace that economists projected, according to the Commerce Department. And April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.
Excluding gas prices and auto sales, retail sales rose the same amount. Excluding sales from gasoline, whose prices have been falling, sales were up 0.3%.
The retail sales data offers only a partial look at consumer spending because it excludes things like travel and lodging. However at restaurants, the lone service category tracked in the monthly retail sales report, sales fell 0.4% in May.
(Excerpt) Read more at breitbart.com ...
Or blame this on PDJT policies that have been holding us back economically.
And what did Congress do? NOTHING!
Oh, there may have been some stirrings over in the House, and several measures were passed. But every one of these get to the Senate, where they wither and die. Then there is the greatest obstacle of all backstopping the Senate, and that is the veto power of the Oval office, whether it is actually exercised by Joe Biden or not.
Robert’s Rules of Order are definitely not being followed.
I have recently been noticing that once extremely busy trades companies are slowing down in my northern Illinois region. Fast food and restaurants are also being hit pretty hard. I think the recent “lower” core inflation rate is indicative of a slowing economy. While our energy, shelter, food sectors (that which we all live by) are still suffering elevated inflation.
Expect the downwards revision later.
The high prices of food and fuel is literally squashing the US ecconomy.
THIS DOES NOT SIGNAL PEOPLE PURCHASING MORE ITEMS——
IT IS THE RESULT OF THE COST OF FEWER ITEMS BEING HIGHER.
NEITHER ITEM IS INCLUDED IN ‘COST OF LIVING” CALCULATIONS.
I think it should be partially. If done that way, we’d see interest rates at least 3-4 points higher and an economy screaming to a halt.
Exactly—all the numbers should reflect the inflation during the same period.
Then it would turn out that the “sales growth” was a joke—lower volume, higher prices.
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