US Retail Sales Growth Slows in April Amid Rising Fuel Costs Driven by Ongoing Iran Conflict

Retail sales in the US grew by 0.5% in April as rising gasoline prices constrained discretionary consumer spending.The Commerce Department reported that the ongoing Iran conflict continues to disrupt oil supplies and inflate energy costs nationwide.While higher tax refunds provided a temporary cushion for consumers earlier this year, analysts anticipate these financial benefits will fade in the coming months.The labor market remains resilient despite inflationary pressures, with 115,000 new jobs added during the same period.
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