Abhoy Sarkar's Avatar
published in Blogs
Jun 15, 2022
US retail sales slipped -0.3% in May

US retail sales slipped -0.3% in May

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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