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Consumer spending, buoyed by strong job growth and stimulus measures, was the backbone of the country’s economic recovery since a brief recession occurred in early 2020. That strength is fading in the face of the strongest pace of inflation in four decades.
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“Overall spending is very strong,” Mr. Powell told reporters, adding the central bank isn’t seeing a broad slowdown. “We see the economy slowing a bit but still at healthy growth levels,” he said.
https://www.wsj.com/articles/us-economy-retail-sales-may-2022-11655238895
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