US retail sales were flat in April as inflation bites

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New York

US consumers could be reaching their breaking point. After dealing with elevated inflation and the highest interest rates in decades, they’re starting to rein in their spending.

Last month, retail sales were unchanged from March, when spending increased by a downwardly revised 0.6%, the Commerce Department reported on Wednesday.

That missed the 0.4% increase that economists projected, according to FactSet. The figures are adjusted for seasonal swings but not inflation.

This is a developing story and will be updated.