TL;DR
Retail sales fell 0.4 percent in the latest weekly data — the first decline in six weeks, suggesting the gas price surge is starting to squeeze discretionary spending.
MSM Perspective
Commerce Department data was reported by Bloomberg as a routine economic indicator.
X Perspective
Economics X connected the spending decline directly to gas prices: every dollar at the pump is a dollar not spent at Target.
Weekly retail sales data from the Commerce Department showed a 0.4 percent decline in the most recent tracking period — the first weekly decline in six weeks. The drop concentrated in discretionary categories: apparel (-1.2 percent), electronics (-0.8 percent), and restaurants (-0.6 percent). Gasoline station sales rose 4.1 percent, reflecting price increases rather than volume growth. [1]
When gas takes more of the household budget, everything else gets less.
-- THEO KAPLAN, San Francisco
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