SHOCKING Report: Could Biden’s Recession Already Be Underway?
(TargetLiberty.org) – There’s no doubt a trip to the store is a painful journey these days. The price of goods has risen dramatically since inflation began rising at the end of 2020. Americans are now starting to change their habits as a way to deal with the increases.
On June 15, ABC News reported on recent data from the Commerce Department. US retail sales dropped 0.3% in May, down from a 0.7% increase in April. Auto sales were a significant factor in the numbers; sales for new vehicles decreased because of rising prices due to car shortages and gas prices. When the auto sales were removed from the equation, total retail sales rose 0.5% in the same period. However, when gas prices weren’t factored in, retail sales slipped again to 0.7%.
Americans cut their spending in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. https://t.co/M1iolB9O9K
— Jon Chrisos (@JonChrisos) June 15, 2022
While the demand for some discretionary items fell, like furniture and gardening items, sales at food stores rose. The increase wasn’t the result of an increase in demand, though. Instead, the sales have risen because the price of food has increased.
Capital Economist Senior Economist Andrew Hunter told ABC, “Surging prices might finally be taking their toll on real consumption.”
The report wasn’t all bad news, though — restaurants received some good news. Food prepared for people in restaurants rose 0.7%, the sharpest increase since January. That could be the result of people eating out more because the weather is warmer and kids are out of school. Whatever it is, people are venturing outside more and more as the pandemic becomes less of a concern.
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