The American consumer stands firm

<div>Data: Census Bureau; Chart: Neil Irwin/Axios</div><p>We don't know yet how the Iran war and the resulting surge in <a href="https://www.axios.com/2026/03/30/energy-iran-war-gasoline" target="_blank">energy prices</a> will ripple through the U.S. economy. We do know that American consumers were in pretty solid shape before it all began.</p><p><strong>The big picture: </strong>New retail sales and employment data out Wednesday morning point to an underlying strength in consumer demand, propped up by wages that have kept rising.</p><ul><li>The question for the months ahead is whether the underlying trends that have kept consumers afloat — including a buoyant stock market and a low-layoff job market — can power it through an era of war-induced shocks and weak hiring.</li></ul><hr><p><stro