The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many households to spend more cautiously.
FILE - A woman wheels a cart with her purchases out of a Walmart, on Nov. 18, 2020, in Derry, N.H. Walmart Inc. on Tuesday, Aug. 16, 2022, reported fiscal second-quarter net income of $5.15 billion. The Bentonville, Arkansas-based company said it had profit of $1.88 per share. Earnings, adjusted for non-recurring gains, were $1.77 per share. The pace of sales at U.S.
Lower gas prices likely freed up money for people to spend elsewhere. Gasoline sales slid 1.8%, reflecting the drop in pump prices. At the same time, consumers remained wary of spending much on non-essentials: Sales were down 0.5% at department stores and 0.6% at clothing stores.America's consumers, whose spending accounts for nearly 70% of U.S. economic activity, have remained mostly resilient even with year-over-year inflation near a four-decade high, rising economic uncertainties and the surging costs of mortgages and borrowing money.
Despite a still-robust job market, the U.S. economy shrank in the first half of 2022, raising fears of a potential recession. Growth has been weakening largely as a consequence of the Federal Reserve's aggressive interest rate hikes, which are intended to cool the economy and tame high inflation. Americans are still spending, but that money is going to different places as the pandemic eases. Walmart, the nation’s largest retailer, posted better than expected quarterly sales and profits, but noted that customers are favoring lower-priced grocery items.
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