You're just shelling out more for the same stuff, not buying new stuff.
“Today’s retail sales report reflects a pullback in consumer spending that retailers have called out in recent earnings reports,” said Claire Tassin, retail and e-commerce analyst at Morning Consult.
Compared with last April, sales were up 3%, but the Census Bureau doesn’t adjust the data for inflation, which came in at 3.4% on an annual basis in April, according to the latest consumer price index report. That suggests that the sales gains from a year ago are “entirely attributable to inflation, not increased consumer demand,” Tassin said.
Barron's, reproduced here.
