Evidence is mounting that many Americans have reached their limit for tolerating higher prices, raising questions about how much consumer expenditures will continue to power US economic growth this year.
After spending freely with savings built up during the coronavirus pandemic and income fuelled by a healthy job market, consumers are becoming more cautious, according to comments from retail and consumer goods executives and official data.
Retail sales increased 0.6 per cent in February from the previous month, missing expectations by economists for a 0.8 per cent gain, according to Census Bureau data released this week. The increase reversed a 1.1 per cent decline from December to January.
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