US retail spending slows as inflation starts to bite

NEW YORK (AP) — After beginning the year in a buying mood, Americans slowed their spending in February (2022) on gadgets, home furnishings and other discretionary items as higher prices for food, gasoline, and shelter are taking a bigger bite of their wallet. Retail sales increased 0.3% after registering a revised 4.9% jump from December to January, fueled by wage gains, solid hiring and more money in banking accounts, according to the Commerce Department. January’s increase was the biggest jump in spending since last March, when American households received a final federal stimulus check of $1,400. Restaurant sales rose in February as shoppers shifted more of their spending to services as the threat of COVID-19 fades.