Americans stepped up their spending in May, including at car dealerships and hardware stores, showing still solid demand as they faced high interest rates and rising prices, the Wall Street Journal reported. Retail sales increased 0.3% in May from the month before, after sales rose 0.4% in April, the Commerce Department said Thursday. Consumers spent more at many of the types of retailers tracked by the report including grocery stores, furniture purveyors and electronics sellers. They spent less at gasoline stores, which can reflect declining prices at the pump. The figures are closely watched because consumer spending accounts for about two-thirds of economic output. If shoppers pull back, that would further slow the broader economy. Overall retail spending, including restaurants, rose 1.6% in May from a year earlier, a slower gain than price increases. But when excluding gasoline stations, spending gains matched closely with inflation.
