US Retail Sales

US retail sales barely rose in May, pointing to greater financial strain among consumers. Retail purchases increased 0.1% after a downward revision in prior months. Services consumption growth is slowing, and consumer confidence is declining. The Federal Reserve may lower interest rates soon based on softer consumer and producer prices.

Retail Sales in March 2024

Retail sales in March rose 0.7%, exceeding economists' forecasts, indicating a boost in the economy from consumer spending. Sales minus autos and gas increased by 1.0%, with strong growth in internet retail and grocery stores. The Federal Reserve may delay interest rate reductions due to the strong consumer activity.

Former Minnesota Gov. Jesse Ventura entering the cannabis market as a seller

Former Minnesota Gov. Jesse Ventura is entering the cannabis market as a seller, launching his own brand of cannabis edibles in partnership with Retro Bakery. He supports the cannabis industry and credits cannabis with helping his wife control her seizures. Minnesota legalized recreational marijuana for adults last year, but full-scale retail sales may be delayed.

Virginia Marijuana Legislation

Virginia lawmakers passed legislation to allow recreational retail sales of marijuana to begin next year, aiming to compete with the illicit market. Former LAPD Officer Kyle Kazan discusses the disparity between legal and illegal marijuana sales.