Americans are still spending their tax refunds — for now, as retail sales jump in May
American consumers demonstrated resilient spending in May, with retail sales increasing by 0.9% driven by warmer weather and cooling gasoline prices. This growth was further supported by substantial government tax refunds, although economists note this financial cushion is diminishing. Despite some sectors like electronics and restaurants showing declines, broad-based increases in clothing, accessories, and online sales indicate continued consumer confidence. AI
