Jul 15, 2022 - Economy & Business
⛽️ Charted: Pumped up
Retail spending at gas station has gone vertical in recent months, as gas prices surged to the never-before-seen $5-a-gallon market nationwide.
Driving the news: Retail spending data released Friday showed that spending at gas stations rose nearly 50 percent in June, compared to June 2021.
Why it matters: Surging costs of gasoline — something many Americans can't cut back on much — devours disposable income and cuts in to consumer spending elsewhere, if prolonged.
Yes, but: There's little indication that such a scenario is unfolding right now. Even excluding gas prices, retail sales were up a solid 0.7%, suggesting consumers are still willing to spend, come hell or high inflation.