The backbone of America'sxa0economyxa0was just dealt a serious blow

US consumers are becoming cautious with their spending as they face high inflation rates and interest rates. The Commerce Department reported that retail sales remained unchanged from March, falling short of economists’ expectations. Last year, retail sales experienced a significant increase. Gas stations saw the biggest monthly increase in spending, likely due to surging gas prices in previous months. Clothing and accessory stores, food and beverage stores, and restaurants and bars also saw higher spending. However, online retail sales experienced a decline. Inflation eased slightly in April, which is welcomed news for Federal Reserve officials.