CONSUMERS have picked up their spending in June from May, despite rising gas and food prices. US retail sales rose 1% last month, from a revised 0.1% decline in May, the Commerce Department said Friday. / CHARLES KRUPA / ASSOCIATED PRESS FILE PHOTO
NEW YORK (AP) — Consumers have picked up June spending from May, despite rising gas and food prices.
US retail sales rose 1% last month, from a revised 0.1% decline in May, the Commerce Department said Friday.
Turnover at furniture stores increased by 1.4%, while consumer electronics stores grew by 0.4%. Department stores took a hit, posting a 2.6% decline. Online sales picked up, rising 2.2%. Sales in restaurants increased by 1%.
The report comes as U.S. inflation soared to a new four-decade high in June amid rising gas, food and rent prices, pressure on household budgets and pressure on the Federal Reserve to aggressively raise interest rates — trends that increase the risk of a recession.
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This post Retail sales rose 1% in June as shoppers show resilience
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