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Illustration: Sarah Grillo/Axios. Stock: Getty Images
The good news in Thursday morning's April retail sales report is that the overall numbers are holding up fine. The bad news is that there are early signs of higher energy prices crimping Americans' spending on everything else.
The big picture: One of the great questions for the economy in the months ahead is how much demand destruction there will be from the blockade of the Strait of Hormuz and the resulting surge in prices for fuel and other commodities.
