NEW YORK (AP) — Shoppers paused their spending June from May as they wrestle with moderating inflation but still high interest rates that have made buying anything on credit more expensive.
NEW YORK — Shoppers paused their spending June from May as they wrestle with moderating inflation but still high interest rates that have made buying anything on credit more expensive.
Government retail data isn’t adjusted for inflation, which declined 0.1% from May to June, according to the latest government report. High inflation helps to inflate retail sales figures. Last week, the government reported that consumer prices declined slightly from May to June, bringing inflation down to a year-over-year rate of 3%, from 3.3% in May. June marked a third straight month of declines, a sign that the worst price spike in four decades is steadily fading and may soon bring in interest rate cuts by the Federal Reserve.
Meanwhile, America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again underscoring the U.S. economy’s ability to withstand high interest rates.Earlier this month, the parent company of Saks Fifth Avenue signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.
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