Gains in retail sales continued to be slower than last year. Retailers said growth has been weaker than they hoped because high fuel costs are limiting discretionary spending. Stores that extend credit reported a deterioration in timely payments. Stimulus checks have increased spending at discount stores. Contacts say shoppers are looking for value, and sales growth is expected to remain weak for several months.
Read it all here.
I guess the guys at the Fed don't pump their own gas or go to the store for groceries.