US consumers could be reaching their breaking point. After dealing with elevated inflation and the highest interest rates in decades, they’re starting to rein in their spending.
Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department reported on Wednesday.
April spending missed the 0.4% increase that economists had projected, according to FactSet. The figures are adjusted for seasonal swings but not inflation.
By comparison, a year ago, retail sales surged by 3%. Stripping away auto sales, April retail sales were up by 0.2% last month, matching economists’ expectations.
Dispatches From The Front 