Americans' spending at stores and restaurants rose to a new record in March as inflation hit a 41-year high
Americans kept spending big through March, effectively waving off inflation woes and pushing more gas into the US's economic engine.
Spending at retailers and restaurants rose 0.5% last month to a record $665.7 billion, the Census Bureau said Thursday. Economists surveyed by Bloomberg expected sales to climb 0.6%. The print also showed spending slowing from February's 0.8% gain amid new inflation pressures from the Russia-Ukraine conflict.
The February spending sum was revised to $662.4 billion from $658.1 billion, according to the report.March saw inflation surge to an even more concerning high as Russia's invasion dramatically lifted prices for a range of goods. The conflict and related sanctions hammered supply chains for staples like wheat, fertilizer, and nickel, raising fresh inflation concerns for food producers and manufacturers.
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