People carrying shopping bags walk inside the King of Prussia shopping mall, in King of Prussia, Pa., on Nov. 26, 2021.Americans increased their spending pace in March at a better-than-expected pace the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges.
Sales at general merchandise stores rose 1.1 per cent, while online sales rose 2.7 per cent. Business at restaurants rose 0.4 per cent. Electronics and appliance stores posted a decline, hurt by a still challenged home market. America’s employers delivered another strong report in March, adding 303,000 workers to their payrolls and fuelling hopes that the economy can overcome inflation without succumbing to a recession in the face of high interest rates.
However, inflation has remained stubborn, lifted last month by higher prices for gasoline, rents, auto insurance and other items, new data showed last week. That will likely delay a cut to interest rates that many had anticipated at the next meeting of the U.S. Federal Reserve’s monetary policy-making arm in a couple of weeks.