Know The Difference Minute

Even with 8.3% inflation, the American consumer keeps spending. Today’s Commerce Department reports showed April monthly sales up .9%/

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Still spending. At least for now.
Welcome to the Know the Difference Minute for Tuesday, May 17th.
Even with 8.3% inflation, the American consumer keeps spending. Today’s Commerce Department reports showed April monthly sales up .9%, just shy of the estimate. March was also revised upward.
Quarterly numbers from Home Depot back that up. Beats on earnings and revenue. In fact, strongest 1st-quarter sales on record. The chain says the shift is underway from do-it-yourselfers to the pros. Purchases over $1000 were up 12.4%. Kitchen, bathroom, and other building material sales up double digits. No wonder most contractors are working 6 months out.
Different story with Walmart, though. Higher fuel costs, too much inventory and staff overscheduling led to a down quarter. They’re a closely watched company often used as a measure of how the consumer is dealing with the economy.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.