Key Points:
- Retail sales, a measure of purchases at stores, restaurants and online, fell by 0.3% in May as inflation reached its highest level in more than 40 years.
- Consensus among economists was a 0.2% increase.
- May’s 0.3% decline comes after April was revised down to 0.7% from 0.9%.
- Excluding autos, retail sales rose by 0.5% over the month, below the consensus of 0.8%.
- Retail sales are up 8.1% from a year prior while consumer prices advanced 1.0% in May from April and 8.6% from a year earlier.
- The Right Facts will continue to monitor retail sales.