Americans have been pulling back on spending off and on since the pandemic started. And, in fairness, inflation is hitting many nations. Some are doing better, some are doing worse, for a variety of reasons. That said, we are worried about the U.S.A., and the president, his advisors, and the Democratic Party are not only ignoring the pain, they are keeping it going in an attempt to institute more government dominance, making people more reliant on the government. Also, to change your behavior. They won’t change theirs, just yours. And, in many cases, Biden and his Comrades are making inflation and pricing worse. I won’t blame Biden for inflation, that’s China’s fault. It’s the response that is the issue
Here’s where Americans are pulling back their spending as inflation takes a toll
Retail sales in the U.S. fell 1 percent from February to March, according to Census Bureau data released Friday, a sharp drop signaling that the economy is slowing faster than expected.
Analysts had predicted retail sales would fall 0.4 percent. Sales figures were down despite consumer prices rising 5 percent annually in March, indicating that sales volumes are seeing even steeper declines.
Spending is up just 2.9 percent compared to last year. But adjusted for inflation, retail sales are down 2 percent annually, according to EY-Parthenon senior economist Lydia Boussour.
“In other words, consumers are spending more dollars but are getting less goods or dining out less than in March last year,” Boussour said in an analysis.
Consumers are increasingly pulling back their spending following years of consistent price hikes and elevated borrowing costs brought on by the Federal Reserve’s interest rate hikes.
And what are some of the biggest things they are cutting back on? Well, fuel has an average national price of $3.668. Sure, that’s down from the high, but, it was $2.39 on Trump’s last day. It’s been high since the big spike last year, and had been trending up, with Biden doing more to harm prices that help. People have gotten used to high gas prices, so, are doing less travel.
Sales at general merchandise stores, which sell a broad range of items, fell 3 percent last month.
The report indicates a pullback in spending on pricier products. Sales of electronics and appliances plummeted 2.1 percent in March and 10.3 percent on the year. Furniture store sales fell 1.2 percent last month and declined 2.4 percent on the year.
Clothing store sales fell 1.7 percent in March. The industry had been propped up by luxury sales, but luxury clothing giant LVMH warned this week that U.S. demand is starting to soften after years of big spending.
Online sales are surging, because people are, for one thing, opting out of driving and ordering more online.
Of course, how much of the already high prices are being factored in? If prices fall 3%, but, they were already up 20%, does it matter? The roast beef lunch meat I used to buy at Lidl was about $6 before inflation. Now it’s almost $11. Microwave meals are up about 30%, cans of soup are up about 50 cents to a dollar. Ice cream is up about 30%. So many of the products I buy, or used to buy, are way up. So, I buy many less often.
Yet, the idiots will still support Biden and his Comrades.
Read: Americans Pull Bank On Spending As Non-Existent Inflation Takes A Toll »
People of color in the US face heightened risks of harm from climate-induced disasters. Now, non-profits are pushing to remedy that disparity with more equitable approaches to disaster preparedness, response and recovery.
There is no need to fear Joe Biden hating Britain because nobody really cares about the US presidency any more. It’s an uncomfortable truth to face but the commander-in-chief has become an international laughing stock, diminishing the status of the White House on the world stage.
The new chief executive of Mars, maker of M&M’s sweets, chewing gum and pet food, says companies have a “moral” duty to reduce their environmental footprint as the world battles climate change.
As the CEO of a company founded in America’s heartland more than 165 years ago, I am responsible for ensuring every consumer feels proud of the beer we brew.
A federal judge in North Dakota on Wednesday temporarily blocked implementation of a Biden administration rule establishing protections for seasonal streams and wetlands in 24 states, according to court documents.
While the fate of the Obama-era Deferred Action for Childhood Arrivals (DACA) Act is currently in limbo, the Biden administration announced Thursday that it would expand health care coverage for DACA recipients — commonly known as Dreamers — by allowing them to enroll in a health care plan through Obamacare or Medicaid.
