The resilience of the British consumer is coming under increasing strain, with slower wage growth and the rising cost of living reflected in the latest retail sales data.

The Office for National Statistics said retail sales fell 1.3% m/m in April, far weaker than analyst expectations for a 0.6% decline. March’s reading was revised up to a 0.6% increase. On an annual basis, sales were flat, missing forecasts of a 1.3% rise and slowing sharply from the previously revised 1.4% gain.

Excluding automotive fuel, sales declined 0.4% m/m in April, slightly weaker than expected and reversing a revised 0.1% increase in March. On the year, sales rose 1.1%, undershooting forecasts for a 1.7% increase and slowing from the prior month’s 1.5% pace.

Statisticians said clothing store sales volumes fell to their lowest level since June 2025. Non-store retailers also recorded monthly declines, citing weaker demand and unpredictable weather that disrupted seasonal campaigns. (LiveSquawk – Continue Reading)

After spending much of his first year back in power attempting to bully the Federal Reserve into lowering interest rates, President Donald Trump on Friday said he wants the central bank to be “independent” — as his hand-picked chairman was sworn in to replace ideological foe Jerome Powell atop the bank’s board.

Trump’s fresh outlook on the Federal Reserve came as he spoke in the East Room at the swearing-in ceremony for its incoming Board of Governors Chair, Kevin Warsh.

After calling the Fed “a pillar of the world financial system” and describing the country’s central bank as “highly respected,” Trump said: “I want Kevin to be totally independent, I want them to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job. (Independent – Continue Reading)

Gasoline prices in all 50 states, including across the oil-rich Gulf Coast and Permian Basin region, are sitting above $4 a gallon as drivers prepare to head into Memorial Day weekend.

The national US average was $4.56 per gallon on Thursday, up 43% from one year ago, and 13% higher than a month ago, according to AAA data.

California, which relies heavily on fuel imports and has high taxes and fees, has already topped $6 a gallon. Other Western regions remain well above the national average, and even the Gulf Coast states sit above the $4 mark.

States such as Texas, Louisiana, and Oklahoma are typically among the last to experience sharp price increases because they sit at the center of the US refining and oil production system. (Yahoo Finance – Continue Reading)