Consumer Spending Drops as Economic Concerns Escalate in May
posted 14 days ago
“Even wallets took a vacation from inflation.”
The Commerce Department reported a significant drop in consumer spending for May, primarily due to decreased gas sales and growing concerns about the economic outlook. This decline reflects a cautious approach among shoppers amid uncertainty regarding future economic conditions.
Source:
Retail sales fell 0.9% in May, worse than expected as consumers pulled back
(cnbc.com)