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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