Many Americans are digging into their savings to maintain the same level of spending
Gasoline down 2.4%, convenience store sales drop 1.5%
Credit card balances up 15%, grocery spending down
Americans ‘very concerned,’ pulling back on vehicles, electronics, furniture
Gas sales dropped 14.2%
A strong labour market, excess savings and pent-up demand will shield many households
Inflation was main contributor; volume only up 0.2%
Americans spent more on building, garden supplies; less at clothing stores
However, the estimate for June points to a slowdown
Statistics Canada also says early estimate for retail sales in May suggests a gain of 1.6% for the month