Published on: July 18, 2022
• Bloomberg reports that US retail sales in June increased one percent, reversing the upwardly revised 0.1 percent decline in May, which the story suggests indicates "resilient consumer spending despite decades-high inflation and raising the prospects of an even larger Federal Reserve interest-rate hike this month." Compared to June 2021, retail sales were up 7.7 percent.
The numbers, from the US Census Bureau, indicate a 49.1 percent increase in spending at gas stations compared to a year ago, and a 13.4 percent increase at restaurants and bars. Grocery store sales were up 0.6 percent from May 2022 and 8.3 percent from June 2021.
• From the New York Times this morning:
"Three people were killed at a mall in Greenwood, Ind., in a shooting that ended when an armed man fatally shot the gunman, city authorities said.
"Two additional people were hospitalized in the shooting, which began when a man with a rifle and several magazines of ammunition entered the mall’s food court and started firing, Chief Jim Ison of the Greenwood Police Department said. The authorities did not indicate a motive for the shooting and did not identify the gunman.
"The injured were a 12-year-old girl who suffered a very minor wound on her back and another person who was in stable condition, Chief Ison said."
• Reuters reports that Amazon announced that it matching prices against Tesco's Clubcard program in the UK as it seeks "an edge amid a deteriorating cost of living crisis."
According to the story, "Facing the toughest economic conditions in decades, Britain's food retailers are monitoring each others' prices more than ever.
"Tesco's Clubcard Prices scheme has been popular with consumers. Holders of the group's loyalty Clubcard pay up to a half less than non-holders across some 3,000 products both in-store and online. When Clubcard Prices are taken into account, Tesco increasingly features as the cheapest of Britain's big four supermarkets in The Grocer's widely-followed weekly pricing survey."