Higher Interest Rates Expected to Weaken U.S. Consumer Spending

May’s 0.3% increase in retail sales in the U.S. includes a 1.4% gain in the value of motor vehicle sales, which is “very hard to square” with a 6.5% month-over-month decline in light-vehicle unit sales reported by manufacturers, Paul Ashworth, chief U.S. economist at Capital Economics, writes in a…

#paulashworth #capitaleconomics