The Commerce Department reported Tuesday that retail sales climbed 0.4% in April, the first increase since January as consumers picked up their spending.
Storch Advisors CEO Gerald Storch, Strategic Resource Group managing director Burt Flickinger, Greenwood Capital CIO Walter Todd and Bullseye American Ingenuity Fund's Adam Johnson debate the retail market outlook.
Americans picked up their spending at retail stores in April as inflation showed welcome signs of slowing down. , a measure of how much consumers spent on a number of everyday goods, including cars, food and gasoline, rose 0.4% in April, the Commerce Department said Tuesday. It marks the first increase in two months, although it is below the 0.8% increase projected by Refinitiv economists.A pedestrian carries Nespresso shopping bags in San Francisco on Wednesday, Dec. 21, 2022.
A solid job market and big wage increases have helped to buoy consumer spending. However, consumers are still spending more frugally as inflation remains abnormally high and rising interest rates begin to take a toll on borrowing costs. The Federal Reserve raised the benchmark federal funds rate for the 10th straight time earlier in May, to a range of 5% to 5.25%, the highest since 2007. "Consumer spending will likely be a headwind to economic growth in 2023, with volumes of goods purchases about flat and services spending growing more slowly than in 2022 or 2021," said Bill Adams, chief economist at the Texas-based Comerica Bank.
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