Spending Slows as Inflation Pressures Mount | Lubbock News

Americans slashed spending in July, with retail sales dipping 0.6% after a June uptick faded — car and electronics sales took the biggest hits, while online shopping slowed post-June event. Gas prices surged to $4.08/gallon, outpacing wage growth even as overall inflation dipped to 3.4%. Restaurants saw a small rebound, and back-to-school shopping looms as a key test for retailers. Target and others are pushing value, with school supplies flat or cheaper than last year as families tighten belts. Upcoming quarterly earnings will reveal how consumer behavior — fueled by domestic travel and local deals — is reshaping the retail landscape. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d5a133c239377a89