Americans are feeling a hangover from their tariff-fueled buying frenzy early in the spring.
Washington
—
Americans are feeling a hangover from their tariff-fueled buying frenzy early in the spring.
Retail sales fell by 0.9% in May from the prior month, the Commerce Department said Tuesday, down sharply from April’s downwardly revised 0.1% decline. That was the steepest monthly decline since January. The figures are adjusted for seasonal swings but not inflation.
The drop was mostly due to plummeting car sales. Excluding those purchases, retail sales were down a more modest 0.3%.
The decrease in retail spending was driven by a steep decline in car sales, just two months after consumers rushed to make car…
Consumers spending pulled back sharply, weighed by declining gas sales and looming unease over where the economy is headed.
Retail sales rose 0.5% last month, maching economists' estimates.
Two straight months of spending declines in April and May had concerned market watchers.
Economists were caught off guard. Those polled had expected a slight month-to-month increase for a reading of 54.2.
The Office for National Statistics said the total volume of retail sales fell by 2.7 per cent in May.
Retail Spending Falls For Second Month in a Row
Retail sales fell 0.9% in May, worse than expected as consumers pulled back
Supermarkets suffer 'dismal' May as Brits cut spending on food, booze
Consumer sentiment reading rebounds to much higher level than expected as people get over tariff shock
