Macy's and Dollar General issue warnings on consumer spending

Retailers from Macy's to Dollar General have issued warnings on consumer spending, slashing their sales forecasts and citing an increasingly challenging economic environment, including stubbornly high .

In an earnings report on Thursday, Macy's said same-store sales sank 8.7 percent last quarter, forcing the New York-based department store to cut prices on clothes and other discretionary items.

Macy's results concluded the retail industry's earnings season, which showed how , is forcing shoppers to further cut back on discretionary items like clothing to afford their soaring grocery bills.

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