• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream

2

Current price of oil as of June 16, 2026

3

Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI

1

'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream

2

Current price of oil as of June 16, 2026

3

Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
FinanceEconomy

The American consumer is picking up the economy again

By
Anne D'Innocenzio
Anne D'Innocenzio
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Anne D'Innocenzio
Anne D'Innocenzio
and
The Associated Press
The Associated Press
Down Arrow Button Icon
May 16, 2023, 10:17 AM ET
American shopper
The American shopper is doing fine.AP Photo/David Zalubowski
Add Fortune on Google for similar content.

Consumers picked up their spending modestly in April from March, buoyed by a solid job market and easing inflationary pressures.

Recommended Video

A bump up in demand for new cars also helped results, according to the Commerce Department report issued Tuesday.

Retail sales increased 0.4% in April from March when it was down 0.7%. It marked the first increase since January when unusually warm weather and a big jump in Social Security benefits likely spurred more spending.

Sales at car and auto parts dealers rose 0.4%, while business at gas stations fell 0.8%. Excluding car dealers and gas stations, retail sales rose 0.6%.

Spending increased 1.2% at online retailers and ticked up 0.6% at restaurants and bars. Department stores, electronic stores and home furnishings stores all saw declines. The figures are not adjusted for inflation unlike many other government reports.

Spending by Americans has remained resilient with signs of weakness elsewhere in the economy. A solid job market has helped to prop up spending. But there’s still been a broader pullback in spending as inflation still remains high despite some easing, and rising interest rates are taking a toll.

Consumer prices in the United States rose again in April, and measures of underlying inflation remained high, implying that the retreat from sharply higher prices is likely to be slow and bumpy. Prices increased 0.4% from March to April, the government said last week, up sharply from a 0.1% rise from February to March. Compared with a year earlier, prices rose 4.9%, down slightly from March’s year-over-year increase. It was the smallest annual gain in two years.

And earlier on Tuesday Home Depot, after years of explosive growth during the pandemic, said that sales slowed during the first quarter of 2023 and the nation’s largest home improvement retailer cut its profit and sales expectations for the entire year. Sales at stores open at least a year, a key indicator of a retailer’s health, dropped 4.5%, and it was down 4.6% for stores in the U.S.

The numbers from Home Depot were a rough beginning to a busy week of retail earnings, dragging down the entire sector and the Dow as well.

Walmart, Target and Macy’s will all report quarterly earnings this week and next and all edged lower in trading before the opening bell. Rival Lowe’s slid almost 3%.

Economists will be parsing retail numbers to look for the impact of volatility in the banking sector and how tightening credit is changing behavior.

The retail report covers only about a third of overall consumer spending and doesn’t include services such as hotel stays and plane tickets, which have rebounded as the threat of COVID-19 eases.

The Commerce Department recently revised its retail-sales data based on the results of annual surveys of retail and services industries.

__

AP Economics Writer Chris Rugaber in Washington contributed to this report.

About the Authors
By Anne D'Innocenzio
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Mark Zuckerberg speaks and holds both hands up while standing in front of a purple background.
Economyspending
Tokens are getting cheaper, but companies are spending even more on AI as a result, top economist warns
By Sasha RogelbergJune 17, 2026
51 minutes ago
A farmer walks through drought-stricken field of crops
EconomyWeather and forecasting
One of the most powerful El Niños on record cost the world economy $5.7 trillion. The 2026 cycle might be even stronger
By Tristan BoveJune 17, 2026
2 hours ago
Samuel-Bankman-Fried leaving a Manhattan federal court amid his bail conditions hearing in 2023.
CryptoSam Bankman-Fried
Sam Bankman-Fried’s pardon bid faces bipartisan pushback in Congress: ‘Keep him locked up’
By Camila Grigera NaónJune 17, 2026
3 hours ago
doj
LawRace
Trump’s DOJ asks judge to halt first reparations program in U.S. history
By Safiyah Riddle and The Associated PressJune 17, 2026
5 hours ago
sea
Energygas
The Iran war exposed Southeast Asia’s energy vulnerability. Now its import bill could triple to $245 billion
By Anton L. Delgado and The Associated PressJune 17, 2026
5 hours ago
retail
EconomyConsumer Spending
Americans are still spending their tax refunds — for now, as retail sales jump in May
By Anne D'Innocenzio and The Associated PressJune 17, 2026
6 hours ago

Most Popular

'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream
Success
'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream
By Nick LichtenbergJune 16, 2026
1 day ago
Current price of oil as of June 16, 2026
Personal Finance
Current price of oil as of June 16, 2026
By Joseph HostetlerJune 16, 2026
1 day ago
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
Big Tech
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
By Tristan BoveJune 15, 2026
2 days ago
Cursor’s 25-year-old CEO is a former Google intern who just cemented a $60 billion deal with SpaceX
AI
Cursor’s 25-year-old CEO is a former Google intern who just cemented a $60 billion deal with SpaceX
By Marco Quiroz-GutierrezJune 16, 2026
1 day ago
Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'
Startups & Venture
Melinda French Gates' advice to new IPO millionaires: 'Give half your money away'
By Emma HinchliffeJune 13, 2026
4 days ago
Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup
Success
Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup
By Preston ForeJune 15, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.