U.S. retail sales rose 1% in June, from a revised decline of 0.1 % in May, the Commerce Department said Friday.
NEW YORK — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.
“People did not fold in the face of the Ukraine shock and the subsequent surge in food and energy prices,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “Instead, they ran down a small part of their pandemic savings in order to keep up their discretionary spending.” The report showed consumers' ongoing appetite for non-essentials like gadgets and furniture. In fact, sales at furniture stores rose 1.4%, while consumer electronics stores rose 0.4%. Online sales showed resurgence, posting a 2.2% increase. Business at restaurants was up 1%. But department stores took a hit, posting a 2.6% decline.
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