Consumers pull back spending due to high gas and food prices
CNN
The high cost of gas and food is causing US consumers to pull back spending on other items, suggesting a slowdown in the economy's main driving force.
The monthly reading on retail sales showed a 0.3% drop in May compared with April, the first decline in spending since December. More concerning is the details about where consumers are — and are not — spending money.
Spending at gas stations rose 4% in May from April, and is up 43.2% compared with a year ago, driven by sharply higher gasoline prices.
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