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Jun 18 - Evidence Mounting That the American Shopper is Cutting Back



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 3 weeks ago '17        #1
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Dante Haversham  topics gone triple plat - Number 1 spot x21
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@ 01:27 PM 06-18-2024 icon Jun 18 - Evidence Mounting That the American Shopper is Cutting Back
 

 
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Sales at US retailers rose last month at an unexpectedly weak pace as Americans continue to deal with still-high inflation and elevated interest rates.

Retail sales rose just 0.1% in May from the prior month, the Commerce Department reported Tuesday. That’s better than April’s downwardly revised 0.2% decline but below the 0.3% gain economists projected in a FactSet poll. The figures are adjusted for seasonal swings but not inflation.

Sales declined the most at gas stations, down 2.2% in May. Excluding that, sales were up by 0.3% last month. American shoppers also pulled back on purchases at furniture stores (-1.1%) and shops that sell building materials and garden equipment (-0.8%).

Meanwhile, spending was the strongest at specialty stores that sell sporting goods, books, and musical instruments, which jumped by 2.8% last month.

Monthly retail sales have increased four times over the past six months through May, but figures for April and March were revised lower, the Commerce Department said Tuesday.

Inflation is down from the 40-year highs of two years ago, but it remains elevated. Meanwhile, interest rates are at their highest in nearly a quarter century after the Federal Reserve launched an aggressive rate-hiking campaign in 2022 to rein in price hikes. Household savings accumulated during the Covid-19 pandemic are dwindling, and may have already been exhausted.

A slowing economy help builds a case for the Fed to begin cutting interest rates — if it’s accompanied by inflation also easing.

“Spending is cooling back towards a more sustainable pace,” Joseph Brusuelas, chief economist at RSM US, told CNN’s Matt Egan in an interview. “It’s important we don’t confuse a slower pace of spending with the economy turning over, because that’s clearly not happening.”

“To be honest with you, this is a big relief for policymakers at the Fed,” he added.

Shoppers are fatigued
Evidence is starting to mount that US consumers are pulling back as they face tough economic hurdles.

Retailers such as Walmart, Kohl’s and Target have said that shoppers are feeling pinched and are starting to cut back. While lower-income Americans were already struggling, the pain has now spread to middle-income consumers.

“Our customers continue to be pressured by a number of economic factors, including high interest rates and inflation,” Kohl’s CEO Thomas Kingsbury said in an earnings call earlier this month. “Our middle income customer continues to be impacted.”

There are signs that even wealthier shoppers are feeling strained. Walmart, America’s largest retailer, said higher-income consumers have been flocking to its stores in search of bargains. High-end retailers have also sounded the alarm of a broad and ongoing slowdown in luxury spending.

But at the same time, spending on travel and other in-person experiences such as concerts is expected to be robust this summer. The Commerce Department releases broader consumer spending figures for May, which include services, later this month. Tuesday’s retail sales report only captures spending on goods and food services.

What it means for the Fed
Weaker-than-expected spending over the past few months helps set the stage for the Fed to begin lowering borrowing costs sometime this year. The figures provide some evidence that the US economy isn’t overheating and is instead slowing.

It hasn’t just been spending figures that have come in soft recently. Economic data for April and May showed that inflation began to moderate again after stalling in the first three months of the year.

The latest Consumer Price Index, released last week, showed that prices held flat in May on a monthly basis for the first time since July 2022. From a year earlier, consumer prices were up 3.3% in May, slowing from April’s 3.4% rate.

Philadelphia Fed President Patrick Harker said this week that the latest CPI was “very welcome” and that the Fed’s latest economic projections reflecting just one rate cut this year make sense.

“In my view, this calls for a cautious approach,” said Harker, who doesn’t vote on policy moves this year, during an event Monday. “If we start to see several months of where we’re seeing data move in the right direction, I could see taking action. But I’m not there right now.”

The timing of the Fed’s first rate cut this cycle will be primarily determined by what’s going on with inflation, but officials say they look at what’s happening economy wide. The first cut will be a consequential decision, because inflation could heat back up if central bank officials cut too soon — or the economy could slip into a recession if they cut too late.

 https://www.cnn.com/2024/ .. may/index.html
+4   



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34 comments

 3 weeks ago '13        #2
boobalo1  topics gone triple plat - Number 1 spot x2
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The corner stores taxing hard..
+12   

 3 weeks ago '16        #3
Ghostface Killa  topics gone triple plat - Number 1 spot x3
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Of course.

Nothing has been done to stop the price gouging.

Nothing has been done to stop foreign countries from buying up American real estate

Nothing has been done to stop large businesses and banks from buying up single family homes

Nothing has been done to stop the FED from printing all that fkn money that somehow never makes it into circulation.

Our Democrat president not only kept military spending high(typically a republican thing), he did so while giving billions away to foreign countries instead of incentivizing military members and veterans.


The only thing that has been done to slow down inflation is to keep the bottom 90% from being able to purchase a home or invest in new business.

The people NOT responsible for inflation are the ones who are carrying its burden
+47   

 3 weeks ago '24        #4
DaKrazie1 
Props total: 849 849  Slaps total: 928 928
bout time too, even tho all them groccery stores lowering prices by like 33% tells you it was never bout bidenomics or inflation, they was just gouging us.
FTC is going after gas companies for conspiring to create a gas shortage and raise prices too.

all this inflation had fu#k all to do wit the government
+13   

 3 weeks ago '24        #5
DaKrazie1 
Props total: 849 849  Slaps total: 928 928
 Ghostface killa said
Of course.

Nothing has been done to stop the price gouging.

Nothing has been done to stop foreign countries from buying up American real estate

Nothing has been done to stop large businesses and banks from buying up single family homes

Nothing has been done to stop the FED from printing all that fkn money that somehow never makes it into circulation.

Our Democrat president not only kept military spending high(typically a republican thing), he did so while giving billions away to foreign countries instead of incentivizing military members and veterans.


The only thing that has been done to slow down inflation is to keep the bottom 90% from being able to purchase a home or invest in new business.

The people NOT responsible for inflation are the ones who are carrying its burden
FTC started investigating gas price gouging last month, they say its responsible for bout 30% of all inflation. so somebody doin somethin at least
+12   

 3 weeks ago '22        #6
Voodoopocalypse  topics gone triple plat - Number 1 spot x34
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cutting back n broke is too different things
+7   

 3 weeks ago '19        #7
Big Gurthy  topics gone triple plat - Number 1 spot x3
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 DaKrazie1 said
bout time too, even tho all them groccery stores lowering prices by like 33% tells you it was never bout bidenomics or inflation, they was just gouging us.
FTC is going after gas companies for conspiring to create a gas shortage and raise prices too.

all this inflation had fu#k all to do wit the government
I saw an article a few weeks back that said target is lowering prices on hundreds of products outta the blue. That confirmed it for me that these companies been running the show on these prices.
+14   

 3 weeks ago '17        #8
Lazy  topics gone triple plat - Number 1 spot x3
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Y’all broke
-13   

 3 weeks ago '20        #9
Slymm  topics gone triple plat - Number 1 spot x9
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McDonald's has a struggle cheeseburger meal now

Still too expensive

emoji
+14   

 3 weeks ago '15        #10
Miles Thirst  topics gone triple plat - Number 1 spot x3
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+11   

 3 weeks ago '20        #11
Tweezy12  topics gone triple plat - Number 1 spot x22
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n1ggas gotta be more cautious on what they spending on, food, rent and essentials are high as fu#k
+16   

 3 weeks ago '24        #12
unit301  topics gone triple plat - Number 1 spot x2
Props total: 3117 3 K  Slaps total: 743 743
I've already been cutting back.
Eating out is expensive, even at cheaper sit-down restaurants. Even take-out restaurants isn't cheap.
+6   

 3 weeks ago '21        #13
Crow42 
Props total: 8442 8 K  Slaps total: 3314 3 K
Everything is expensive

The deals are here to stay tho
+4   

 3 weeks ago '04        #14
synopsis03|m 
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where they basing this off trader joes and whole foods been outta sh1t for weeks i was starting to think theres a shortage
+3   

 3 weeks ago '09        #15
therockj14  topics gone triple plat - Number 1 spot x1
Props total: 640 640  Slaps total: 132 132
Everybody got their paws in your pockets with subscription services. Nothing wrong with cutting back, especially when you don't use it.
+12   

 3 weeks ago '15        #16
Hellmatic 
Props total: 102984 102 K  Slaps total: 8857 8 K
 synopsis03 said
where they basing this off trader joes and whole foods been outta sh1t for weeks i was starting to think theres a shortage
Trader joes and whole foods is luxury food shopping


Last edited by Hellmatic; 06-19-2024 at 12:17 PM..
+4   

 3 weeks ago '12        #17
CaLis LEGACY 
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Get use to it

sh1t aint gonna get better anytime soon that's for sure
+5   

 3 weeks ago '17        #18
dubsax  topics gone triple plat - Number 1 spot x2
Props total: 79630 79 K  Slaps total: 6764 6 K
Its not solely inflation its more so mindset

when I was a kid in the 80's everything was marketed as being value based
getting more for what you spend was the motto

this was a by product of the oil embargo and inflation of the 70's


now everything is marketed as premium or luxury
every product now has a story and reason why you should spend more
from environmentally friendly dish soap and imported beef to the materials now used in building and the interiors to the cars we drive.

now anything with the words value is seen as being substandard and for the poor

the bottom line is the bottom line

we have more middle and upper management than ever before and these jobs dont turn over.
Even with technology workers are asked to produce more than ever before

management cant produce all they can do is sell the idea that YOU need this premium luxurious eco friendly limited piece of sh1t that you didnt know you needed.



This is why I cut the cord almost 20 years ago
I was tired of ads trying to sell me a lifestyle I didnt give a fu#k about.


In short it doesnt matter what numbers change in whatever policy.

what needs to change is the mindset of the consumer
and the idea that failure isnt an option some of these companies and ideas need to fail
+9   

 3 weeks ago '06        #19
imthatinfamous  topics gone triple plat - Number 1 spot x1
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I've given up wings and ribs


emoji
+2   

 3 weeks ago '23        #20
D3STR0 
Props total: 2383 2 K  Slaps total: 398 398
 Ghostface killa said
Of course.

Nothing has been done to stop the price gouging.

Nothing has been done to stop foreign countries from buying up American real estate

Nothing has been done to stop large businesses and banks from buying up single family homes

Nothing has been done to stop the FED from printing all that fkn money that somehow never makes it into circulation.

Our Democrat president not only kept military spending high(typically a republican thing), he did so while giving billions away to foreign countries instead of incentivizing military members and veterans.


The only thing that has been done to slow down inflation is to keep the bottom 90% from being able to purchase a home or invest in new business.

The people NOT responsible for inflation are the ones who are carrying its burden
LL J Coool J awwww

 3 weeks ago '18        #21
Oswaldgatesjr  topics gone triple plat - Number 1 spot x13
Props total: 100846 100 K  Slaps total: 33119 33 K
Went to the store yesterday and made groceries got a big bag of Doritos so I can pack it with lunch to work. Man literally half of the bag was gone. Not 3/4ths full sh1t was half full! The bag was $6.50 cent . Never again


Last edited by Oswaldgatesjr; 06-19-2024 at 09:14 AM..
+6   

 3 weeks ago '16        #22
Ghostface Killa  topics gone triple plat - Number 1 spot x3
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 D3STR0 said
LL J Coool J awwww
Word. I totally agree
+1   

 3 weeks ago '07        #23
BLE  topics gone triple plat - Number 1 spot x11
Props total: 18467 18 K  Slaps total: 3793 3 K
Just got on my wife a$s this morning bi#ch ate some crab legs for lunch. I look at the receipt that sh1t was $60 then she talking about it made her stomach ache.
+8   

Top 10 most slapped recently  3 weeks ago '11        #24
shellz386  topics gone triple plat - Number 1 spot x3
Props total: 43879 43 K  Slaps total: 5828 5 K
 Ghostface killa said
Of course.

Nothing has been done to stop the price gouging.

Nothing has been done to stop foreign countries from buying up American real estate

Nothing has been done to stop large businesses and banks from buying up single family homes

Nothing has been done to stop the FED from printing all that fkn money that somehow never makes it into circulation.

Our Democrat president not only kept military spending high(typically a republican thing), he did so while giving billions away to foreign countries instead of incentivizing military members and veterans.


The only thing that has been done to slow down inflation is to keep the bottom 90% from being able to purchase a home or invest in new business.

The people NOT responsible for inflation are the ones who are carrying its burden
They got Hunter Biden convicted so don't act like they ain't do NOTHING

 3 weeks ago '17        #25
Ifeellikekobe  topics gone triple plat - Number 1 spot x10
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I got a few friends and family members that got new jobs making more money and still complaining they broke
+3   

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