Summary

• Inflation data has been the main focus so far this week, but today it is retail sales.
• Consumer spending accounts for around 70% of all economic activity in the US, and retail sales are responsible for a little over 40% of consumer spending.
• Retail sales rose 0.5% month-on-month in April, which was broadly as expected, but the details show big swings in key components.

By James Knightley, Chief International Economist, US

Broader spending remains resilient despite higher energy costs

Inflation data has been the main focus so far this week, but today it is retail sales. Consumer spending accounts for

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