Tax refunds help to lift US retail sales; drag from rising inflation looms - Reuters
Tax refunds help to lift US retail sales; drag from rising inflation looms Reuters
Coverage by Political Leaning
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Notable Quotes
"Some of this money will have been saved, but much of it has been spent."
— Oliver Allen , Academic
"With refund season behind us and gas prices still creeping higher, that will flip in the months ahead, putting downward pressure on spending growth."
— Michael Pearce , Academic
"The powerful equity market rally is supporting spending on the upper leg of the K-shaped expansion, more than offsetting any pullback from those on the lower leg who are struggling with higher fuel, transportation and food costs."
— Sal Guatieri , Executive
"Wealth effects and personal income tax cuts continue to prop up American consumer spending, but rising inflation and elevated longer-term interest rates could begin to weigh more heavily."
— Sal Guatieri , Executive
Key People
Former president of the United States known for his aggressive economic policies.
Chief US economist at Oxford Economics.
Oliver Allen is a senior economist at Pantheon Macroeconomics.
Sal Guatieri is a senior economist at BMO Capital Markets.
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<a href="https://news.google.com/rss/articles/CBMisgFBVV95cUxNQ0phdlQ4eEthdHBNek91YXJkMjRvZWxrd3Y0WHI0OW00UktjV0NqZndITjFBb2d2cnJBZHN5UVNUX1puUXNNVG9EYjE1V3FDVldmQ09randoSzNjQlJYei12LWc0ek43UzZwYm9hajBGc09pcWxMemU5NW10VGZMaW5MWVo5eXJoVWttY1BHSXJNNUpMU1UxeEttOXpWSUVCZW1ROFhqUzFuWGJ1NV8yTnFR?oc=5" target="_blank">Tax refunds help to lift US retail sales; drag from rising inflation looms</a> <font color="#6f6f6f">Reuters</font>
U.S. retail sales increased for the third consecutive month in April, partly due to larger tax refunds and strong stock market gains, though rising inflation poses a potential drag on future spending.
U.S. retail sales increased solidly for a third straight month in April, though part of the rise in receipts was due to a sharp rise in inflation since the start of the U.S.-backed war with Iran.
U.S. retail sales increased solidly for a third straight month in April, though part of the rise in receipts was due to soaring inflation amid the war with Iran.
U.S. retail sales increased for the third consecutive month in April, partly driven by high inflation linked to geopolitical tensions. Despite larger tax refunds and a robust stock market, surging prices outpaced wage growth, leading economists to predict a potential decline in consumer spending.
Retail sales rose 0.5% in April, a slowdown from March's 1.6% increase, as higher gas prices limited spending on non-essential items, despite tax refunds providing some relief.
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