Americans increase spending modestly in June as inflation eases and job market remains strong
By Anne D'innocenzio, The Associated Press on July 18, 2023.
NEW YORK (AP) – Americans increased their spending modestly last month as inflation eased in many areas and the job market remains remarkably strong. Retail sales rose 0.2% from May to June, following a revised 0.5% increase the previous month, the Commerce Department reported Tuesday. Excluding autos and gas, sales rose a modest 0.3%, Sales at grocery stores fell 0.7%, while business at clothing stores rose 0.6%. At restaurants, sales rose 0.1% The uptick in sales follows an increase in May that pointed to an economy that remains resilient despite rising prices. Yet spending has been volatile this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in April and May. 6-5
