Summary
New data shows that American consumers are continuing to spend, with retail sales and private employment both increasing. However, higher gas prices and stock market instability could challenge consumer spending in the coming months.
Key Facts
- Retail sales increased by 0.6% in February.
- Core control sales, which impact GDP, rose by 0.5%.
- Private employment saw an increase of 62,000 jobs in March.
- Manufacturing activity grew for the third month in a row, according to the Institute for Supply Management.
- Pay growth remains strong, despite slower job growth overall.
- Gas prices went up from under $3 to over $4 per gallon in March.
- The S&P 500 index dropped by 5.1% in March.
- Consumers are expected to become more selective in their spending due to higher fuel costs.
