U.S. Retailers Report Weaker Sales Outlook as Fuel Prices Rise

U.S. retailers reported weaker sales expectations this week as fuel prices increased during the Iran conflict. Walmart on Thursday said its sales were driven by lower-price goods and that the average number of gallons customers bought at its gas stations had fallen to 2022 levels.

The company’s finance chief described the drop as an indication of stress amid soaring fuel prices. A Target executive said this week that sentiment has been declining recently.

U.S. manufacturing activity picked up this month, new data showed, as companies increased inventories to protect against potential shortages and price increases. The reports come as the broader economy has relied on consumer spending in recent months.