Economic Buzz: US Retail Sales Drop In May; Auto Sales Slump

16 Jun 2022 , 09:14 AM

Reflecting a sharp pullback in auto sales, the Commerce Department released a report showing an unexpected decrease in U.S. retail sales in the month of May. Retail sales fell by 0.3 percent in May after climbing by a downwardly revised 0.7 percent in April. The unexpected decrease in retail sales came as sales by motor vehicle and parts dealers plunged by 3.5 percent in May after jumping by 1.8 percent in April. 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. Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, were unchanged in May after rising by 0.5 percent in April.Powered by Commodity Insights