NEW ORLEANS, LA - JULY 01: Customers congregate and shop during the Multi-City Buy From a Black Woman Inspire Tour at the H&M French Quarter Store on July 1, 2022 in New Orleans, Louisiana. (Photo by Peter Forest/Getty Images for H&M)

NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession. U.S. retail sales rose 1% in June, from a decline of 0.1 % in May. The figures aren’t adjusted for inflation and so largely reflect higher prices, particularly for gas. But they also show that consumers are still providing crucial support for the economy. At the same time, the spending gain is modest enough that it likely won’t encourage the Federal Reserve to raise interest rates even more aggressively. Stock futures rose after the report’s release.