Gas prices squeeze budgets as April retail shows mixed demand
TL;DR Summary
Americans are paying more at the pump as gas prices rise amid international tensions, while April retail sales rose 0.5% from March. Gas-station sales jumped 2.8% after March’s 13.7% surge, even as purchases at furniture stores, auto dealers, department stores and clothing shops declined. The core “control group” rose 0.46%, indicating underlying demand remains solid despite price spikes. The labor market remains healthy with unemployment at 4.3% and 115,000 jobs added in April, suggesting spending resilience for now, though extended high energy costs could weigh on budgets later in the year.
- Retail sales rose for the third consecutive month in April CNN
- Retail sales growth slowed in April as higher gas costs left less room for nonessentials Los Angeles Times
- U.S. retail sales rise again, but higher gas prices and inflation play a big role MarketWatch
- Consumers Spent More in April Despite High Gas Prices The New York Times
- Retail sales growth slowed in April as Iran war fuels higher gas prices PBS
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