Americans cut their spending at retail stores and restaurants in March for the second straight month, a sign consumers are becoming more cautious.
A shopper browses albums at a record store in Atlanta, Georgia, on Tuesday, Feb. 14, 2023.Americans cut their spending at retail stores and restaurants in March for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January.
The decline in sales adds to other recent evidence that the economy is cooling as consumers grapple with higher interest rates and the impact of a year-long bout of elevated inflation. Companies are posting fewer open jobs, hiring has slowed even as it remains solid, and layoffs have ticked up. Last month, sales fell 3% at gas stations, a drop mostly driven by lower prices. Sales increased by a strong 1.9% at online stores, and ticked up 0.1% at restaurants and bars.
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