The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many Americans to spend more cautiously.
, which are intended to cool the economy and tame high inflation.
Americans are still spending, but that money is going to different places as the pandemic eases. Walmart, the nation’s largest retailer, postedquarterly sales and profits, but noted that customers are favoring lower-priced grocery items. It also noted that lower-income customers were trading down within the store, for example swapping out sliced deli meats for hot dogs to save money.despite solid sales, largely because it was forced to slash prices to clear huge inventories of things in heavy demand during the pandemic such as furniture, appliances and electronics.
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US retail sales were flat in July as inflation takes a tollThe pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many households to spend more cautiously.
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