- Retail sales, a measure of purchases at stores, restaurants and online, fell by 1.3% in May over the month.
- Consensus among economists was a 0.8% decline.
- Consumers spent less on autos, furniture, electronics, building materials, and other items in May.
- Spending at restaurants and bars rose 1.8% over the month, sending food-service sales above pre-pandemic levels.
- The shift in retail habits came as government stimulus to households faded and consumers encountered supply shortages and higher prices for products such as cars.
- The Right Facts will continue to monitor retail sales.