U.S. Census Bureau Retail Sales Report

U.S. Retail Sales Increase 0.1% in May, April Revised to -0.2%

Jun 18, 2024, 12:46 PM

U.S. retail sales for May increased by 0.1% month-over-month, falling short of the 0.2% forecasted growth. The April retail sales figures were revised downward to -0.2% from an initial estimate of 0.0%. Categories such as sporting goods, clothing, and online sales saw increases of 2.8%, 0.9%, and 0.8%, respectively. However, declines were observed in gas station sales (-2.2%), furniture (-1.1%), and building materials (-0.8%). The overall retail sales growth was modest, reflecting a cooling economy. Adjusted for inflation, retail sales showed a similar 0.1% increase. Experts attribute the slower growth to high interest rates, declining prices in certain sectors, and job gains. Sales excluding autos fell by 0.1%, and the control group showed a 0.4% increase.