The Commerce Department reported Wednesday that retail sales climbed 0.3% in May, increasing more than expected as consumers continued to open their wallets.
Consumers spent more on big-ticket items like cars, furniture and home improvement projects. Gas sales slid 2.6% in May as the cost of fuel tumbled.SILVER LINING OF HIGHER INTEREST RATES: SAVINGS ACCOUNT RATES
A solid job market and big wage increases have helped to buoy consumer spending. That strong spending, however, could keep inflation elevated, adding pressure on the Fed in its quest to cool the economy and consumer prices. "The upside for retail spending does have a downside, however, in the form of continued inflationary pressure," said Ben Ayers, Nationwide senior economist. "Higher interest rates haven’t tamped down consumer demand enough to meaningfully slow price growth, especially on the services side of the economy. These hot trends for consumers could lead to another interest rate hike by the Fed in July.
Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, fell slightly to 1.77 million for the week ended June 3, a decrease of 6,000 from the previous week.
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