Consumers are still spending, but cracks are starting to show
Summary
Many U.S. consumers feel worried about money and high gas prices, but overall spending is still strong for now. Wealthier shoppers are spending more, which helps keep sales up, but rising fuel costs and inflation could cause problems later.Key Facts
- Two-thirds of people in a CBS News poll said they feel financial stress.
- High gas prices are making life harder for many households.
- Walmart, Home Depot, Target, and TJ Maxx recently reported strong sales.
- Retail sales slowed in April but stayed healthy despite higher fuel costs.
- The average U.S. household pays about $188 more for gas since the Iran war began.
- Inflation hit 3.8% in April, the highest in nearly three years.
- Wealthier Americans are spending more, supporting overall consumer spending.
- Larger tax refunds this year are helping some households spend more temporarily.
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