Americans keep spending while "grumbling" about the economy
Census Bureau; Chart: Courtenay Brown/AxiosThe list of headwinds facing American consumers keeps getting longer. Yet their willingness to spend has not yet cracked.Why it matters: Economists feared that the Middle East-driven jump in gasoline prices would dent consumer spending.
Reported by 1 outlet — Axios. See all sources ↓
Census Bureau; Chart: Courtenay Brown/AxiosThe list of headwinds facing American consumers keeps getting longer. Yet their willingness to spend has not yet cracked.Why it matters: Economists feared that the Middle East-driven jump in gasoline prices would dent consumer spending. Instead, a still-stable labor market and rising household wealth appear to have given consumers enough cushion to keep spending.For Federal Reserve officials, resilient consumer demand is both encouraging and challenging: It keeps the economy growing while making it harder to judge how quickly inflation can ease.What's new: Retail sales rose 0.2% in June, the fifth straight monthly increase, after May was revised up to a robust 1%.That headline understates last month's momentum: Sales excluding gasoline stations climbed 0.7% as lower gasoline prices helped drive a 5.3% drop in gasoline-station receipts, while spending at auto dealers jumped almost 2%. (The data is not adjusted for inflation.)E-commerce retail spending rose about 2%, likely reflecting Amazon's earlier-than-usual Prime Day promotions.
Read the full report at Axios ↗
Why it matters
A world story we're tracking; its significance and source trust firm up as more outlets confirm it.
- What's the story?
- Census Bureau; Chart: Courtenay Brown/AxiosThe list of headwinds facing American consumers keeps getting longer. Yet their willingness to spend has not yet cracked.Why it matters: Economists feared that the Middle East-driven jump in gasoline prices would dent consumer spending.
- How widely is it covered?
- 1 outlet, average source rating 7.0/10.
- When was it last updated?
- 10m ago.
How outlets are framing the same story
Here's how each outlet is covering the story — compare their headlines and timing at a glance.
- Coverage card1 outlet1CoverageScouting report
Americans keep spending while "grumbling" about the economy
Sources1TypeCoverageAxios