The Associated Press/ABC News
U.S. retail sales in May were 0.3 percent higher than in April, reports the Commerce Department. Stronger auto and parts dealer sales help boost the overall number. Economists were expecting a slight decline.
Considering the inflation crisis, the Biden administration has been hard at work in dealing with the concerns of the American people in regard to this topic.
ABC News reports that a solid job market has kept consumer spending from completely plummeting. While consumer spending has slowed and negatively affected a majority of industries and sectors, the overall amount of spending has seen a slight increase.
After retailers completed their fiscal first-quarter earnings season, still-high-inflation has caused many companies to reduce their annual sales and profit outlooks.
Costco reports that shoppers are cutting back on beef for cheaper chicken and pork products, including canned goods.
Home Depot reported its first decline in annual sales revenue since the 2009 housing financial crisis.
With constant coverage of consumer data and financial statistics, consumers are being more prudent than ever.