“Even though household income and job growth are compressing, the consumer spending picture remains positive.”

National Retail Federation chief economist Jack Kleinhenz commented on data released by the U.S. Census Bureau that showed retail sales moderated in April. He added, “The softer pace of spending is due in part to consumers being selective and prioritizing retail purchases. Yet, consumers remain willing to spend, keeping the economy afloat despite fatigue from stubbornly high inflation for services and higher interest rates.”