With war and inflation in the offing, fashion and the economy face a complicated future.
The official retail sales figures are not adjusted for inflation, which is at a 40-year high as the world works through pandemic-related supply chain backups and increasing tensions over the war, which is threatening Europe with a recession and has clamped down on the now heavily sanctioned Russian economy. Seasonally adjusted figures comparing March sales with February’s show that all of the economic strain is starting to impact sections of theWhile gas sales were up 8.
“While prices soared in March and eroded spending power, shoppers remained resilient and sales were healthy,” Kleinhenz said. “Consumers have the willingness to spend and their ability to do so has been supported by rapid hiring, increased wages, larger-than-usual tax refunds and the use of credit. They are largely dealing with the shock of gas prices, but will be facing higher interest rates as the Federal Reserve tightens monetary policy in the coming months.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Retail sales rise 0.5%, but high gas prices and inflation take bite out of U.S. householdsSales at U.S. retailers rose a tepid 0.5% in March and a large part of the increase reflected higher gasoline prices, suggesting inflation is taking a toll...
Read more »
Retail sales rise 0.5% in March amid soaring inflationRetail sales rose modestly in March, but higher prices for food, gasoline and other basics took a big share of consumers' wallets.
Read more »
US: March retail sales reports still reveals the resilience of consumer spending – Wells FargoData released on Thursday, showed retail sales increased 0.5% in March; February’s numbers were revised higher. The March retail data still suggest re
Read more »
US retail sales climb 0.5% in March, falling short of estimatesAmericans' spending at stores and restaurants rose to a new record in March as inflation hit a 41-year high
Read more »
Retail Sales Rose 0.5% in March Amid Inflation Jump; Import Prices Hit 11-Year HighRetail sales were expected to increases 0.6% in March, according to Dow Jones estimates.
Read more »
Higher gasoline prices flatter U.S. retail sales; consumers remain resilientU.S. retail sales increased solidly in March, boosted by record- high gasoline prices, but consumers are starting to feel the pinch of high inflation, with online spending posting back-to-back declines for the first time in more than a year.
Read more »