Americans’ Spending Slows Dramatically Amid Surging Inflation and Gas Prices

American’s spending slowed in February amid surging inflation and gas prices, the U.S. Census Bureau announced Wednesday.

Retail sales grew 0.3% in February, a significant dip from January’s 4.9% monthly increase, the Census Bureau reported Wednesday. January’s spending increase marked the largest jump since March 2021 after Americans received the final $1,400 government stimulus check.

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U.S. Retail Sales Fell by 1.9 Percent in December

As the Omicron variant surged across the U.S., retail sales dipped 1.9% during the final month of 2021, according to information released by the Commerce Department on Friday.

Data shows that holiday shoppers took warnings about shipping delays seriously and shifted their holiday shopping schedule up last year. On the whole, consumer demand led sales to grow by 16.9% in 2021.

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Retail Sales Grew in October as Shoppers Faced Higher Prices Entering the Holiday Season

U.S. retail sales increased in October as shoppers faced the largest price increase in 30 years entering the holiday season.

Retail sales, a measure of how much consumers spent on goods, increased 1.7% in October, far exceeding September’s 0.7% figure, the U.S. Census Bureau reported Tuesday. Core sales, excluding autos, jumped 1.7% in October.

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