The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many Americans to spend more cautiously.
A woman wheels a cart with her purchases out of a Walmart on Nov. 18, 2020, in Derry, New Hampshire. Walmart Inc. on Aug. 16, 2022, reported better than expected quarterly sales and profits, but noted that customers are favoring lower-priced grocery items.
Lower gas prices likely freed up money for people to spend elsewhere. Gasoline sales slid 1.8%, reflecting the drop in pump prices.“As gas prices fell, consumers had more money in their pockets for other items such as furniture and electronics,’’ said Jeffrey Roach, chief economist at LPL Financial. The government’s monthly report on retail sales covers about a third of all consumer purchases and doesn’t include spending on most services, ranging from plane fares and apartment rents to movie tickets and doctor visits. In recent months, Americans have been shifting their purchases away from physical goods and more toward travel, hotel stays and plane trips.
But the most important pillar of the economy — the job market — has proved durable. America’s employers added a hefty 528,000 jobs in July, and the unemployment rate reached 3.5%, matching a near-half-century low reached just before the pandemic erupted in the spring of 2020.
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