New data signals tariff turmoil's effect on consumer spending
CBS America · 17 days ago
CBS America
17 days ago
New economic data suggests the turmoil surrounding tariffs is affecting U.S. consumer spending. Retail sales in the U.S. dropped 0.9% in May, a sharp dip from the 0.1% decline the month before. Kelly O'Grady takes a look at the numbers.
BreakdownGenerated by LeadStory AI
- US retail sales declined by 0.9%, a sharper drop than the previous month. 6s
- Consumers are spending less on autos and dining out, reflecting increased caution. 36s
- Consumer sentiment has rebounded slightly, but concerns about inflation remain. 1m 10s
- Homebuilder confidence has hit a two-year low due to rising costs and higher interest rates. 2m 44s
- The Federal Reserve is closely monitoring these trends, with interest rate policy under scrutiny. 1m 55s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.