Really, the level of sales is back on its pre-pandemic trend, so it makes sense for gains to moderate considerably relative to the last few months.
The challenge is whether the rest of the economy can pick up the slack now that the marginal growth from consumption is going to slow...and whether retail sales can maintain a growth trajectory if the labor market starts to wobble.
The challenge is whether the rest of the economy can pick up the slack now that the marginal growth from consumption is going to slow...and whether retail sales can maintain a growth trajectory if the labor market starts to wobble.