Inflation Bites: Americans Cut Back On Spending In Multiple Industries

by April 15, 2023

written by April 15, 2023

Americans are losing in Joe Biden’s economy.

Thanks to Biden’s inflation, Americans cut back spending in multiple industries in March.

Spending at gas stations fell 5.5%, sales at general merchandise stores fell 3%, sales at clothing stores fell 1.7% and spending at car dealerships fell 1.5%.

Sales of electronics, appliances, and furniture also dropped.

The Hill reported:

Spending at gas stations fell 5.5 percent last month, the biggest drop of any category, amid falling oil prices and weaker demand. Sales were down 14.2 percent compared to March 2022.

Sales at general merchandise stores, which sell a broad range of items, fell 3 percent last month.

The report indicates a pullback in spending on pricier products. Sales of electronics and appliances plummeted 2.1 percent in March and 10.3 percent on the year. Furniture store sales fell 1.2 percent last month and declined 2.4 percent on the year.

Clothing store sales fell 1.7 percent in March. The industry had been propped up by luxury sales, but luxury clothing giant LVMH warned this week that U.S. demand is starting to soften after years of big spending.

Spending at car dealerships fell 1.5 percent last month. The industry has finally moved past pandemic supply chain snags, and demand is falling. In March, the transaction price of new vehicles fell below manufacturers’ suggested retail price for the first time in 20 months, according to Kelley Blue Book.

Rather than taking responsibility for the struggling economy, Biden lies about it.

Remember this next time the Biden White House brags about their “economic record” pic.twitter.com/fa4LTUvOZ0

— RNC Research (@RNCResearch) April 15, 2023