RETAIL SALES FALL 1.3% IN MAY

Key Points:

  • 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.
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