Retail sales turned negative in May as consumers pulled back spending while inflation surged, the Commerce Department reported Wednesday.
Advance retail and food service spending fell 0.3% for the month, below the Dow Jones estimate for a 0.1% gain. Excluding autos, sales were up 0.5%, which fell short of expectations for a 0.8% increase.
The numbers are not adjusted for inflation, which increased 1% for the month on the headline number and 0.6% excluding food and energy.
Sales were well below the pace in April, which posted a downwardly revised 0.7% increase from the initial 0.9% estimate.
R&I – FS
smokeys48
Article URL : https://www.cnbc.com/2022/06/15/retail-sales-may-2022-unexpected-0point3percent-decline-hammered-by-inflation.html