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
Furniture sales drop 1%, while price increases account for 1.2% rise in food store sales
New car sales dropped 5.9% but Canadians spent more on building materials and garden supplies
"The U.S. consumer now appears to be single-handedly keeping the global economy afloat," economist said