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Financial News: U.S. Retail Sales Unexpectedly Dip 0.3% In May

U.S. Retail Sales Unexpectedly Dip 0.3% In May

06/15/2022 - 08:38:00 (RTTNews)

(RTTNews) - Reflecting a sharp pullback in auto sales, the Commerce Department released a report on Wednesday showing an unexpected decrease in U.S. retail sales in the month of May.

The report showed retail sales fell by 0.3 percent in May after climbing by a downwardly revised 0.7 percent in April. Economists had expected retail sales to edge up by 0.2 percent compared to the 0.9 percent increase originally reported for the previous month.

Excluding the steep drop in sales by motor vehicles and parts dealers, retail sales rose by 0.5 percent in May following a 0.4 percent increase in April. Ex-auto sales were expected to advance by 0.8 percent.

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