Retail sales, which are adjusted for seasonality but not for inflation, fell by 1% in March from the prior month, the Commerce Department reported on Friday. That was steeper than an expected 0.4% decline, according to Refinitiv, and above the revised 0.2% decline in the prior month. Investors chalk up some of the weakness to a lack of tax returns and concerns about a slowing labor market.
Still, the US labor market remains solid, even though it has lost momentum recently. That could hold up consumer spending in the coming months, said Michelle Meyer, North America chief economist at Mastercard Economics Institute. “The big picture is still favorable for the consumer when you think about their income growth, their balance sheet and the health of the labor market,” Meyer said.
The Biden admin sure has a LOT of crises. Shipping crisis, border crisis, Afghan crisis, banking crisis, inflation crisis, I could use all my characters for 4 tweets trying to list them all.
Oh come on, the White House tells us everything is fine!
Maybe it might have something more to do with corporations jacking up prices beyond what they need to cover for supply cost increases, to the point that consumers curtail discretionary spending? Rent's up, grocery prices up, utilities up, car costs are up... Who has extra money?