Americans are starting to spend more of their tax cuts. But some of that increase is due to higher prices on products affected by U.S. tariffs.
Retail sales were strong in May, rising 0.8% from a month earlier, the Commerce Department reported Thursday. It was the biggest one-month jump since November, and a further rebound from the weakness in the first quarter. It looks like the higher take-home pay that many people are getting as a result of the tax cut is flowing into better sales.
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