US retail sales slipped -0.3% in May

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published in Blogs

Jun 15, 2022

U.S. retail sales fell in the month of May, amidst record high inflation rates dampening consumers’ discretionary spending.

Data from Commerce Department indicated that May retail sales slipped -0.3% over the month to a $672.9 billion, below the Street consensus forecast of a +0.2% gain. It also marked a departure from a four-month stretch of consecutive gains. Excluding the auto sector, May retail sales rose +0.5%, the Commerce Department report mentioned.

The data also revealed a downward revision in April’s retail sales gain, to 0.7%, from the prior estimate of a 0.9% rise.

The Commerce Department's headline inflation climbed to +8.6%, the highest in more than four decades. Core inflation was +5.9%, near the highest since February of 1991. Surging food and fuel prices might have left consumers with less cash to spend on "core" items.

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