Resilient US Retail Sales Rise Despite Higher Inflation and Interest Rates
TL;DR Summary
US retail sales unexpectedly rose by 0.3% in May, driven by increased purchases of motor vehicles and other goods, while weekly jobless claims remained steady at 262,000. Despite inflation and higher interest rates, consumer spending has remained resilient thanks to strong wage gains resulting from a tight labor market. However, rising layoffs could hamper consumer spending later in the year. The Federal Reserve kept interest rates unchanged on Wednesday, but still anticipated rate increases later this year.
Topics:business#consumer-spending#economy#federal-reserve#labor-market#us-retail-sales#weekly-jobless-claims
- US retail sales rise; weekly jobless claims steady at higher levels Reuters
- Retail Spending Rose in May as Consumers Remain Resilient to Rate Rises The Wall Street Journal
- US Retail Sales Unexpectedly Rose in May Bloomberg Television
- US retail sales rose in May CNN
- Retail sales rose 0.3% in May despite pressure from higher inflation and interest rates Yahoo Finance
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