Shoppers slowed their spending in June from May, but excluding business at the gas pump, shoppers showed resilience despite economic uncertainty as they bought cars and took advantage of summer sales events.

US retail sales rose 1% in June, the fifth straight monthly gain. Here's what durable consumer spending means for monetary policy and crypto markets.

“Over the past few months, value shopping has gained traction as household budgets have come under pressure,” the Bank of America Institute said.