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- U.S. retail sales decline more than expected in May
U.S. retail sales decline more than expected in May
The
Commerce Department reported on Tuesday the sales at U.S. retailers fell 1.3
percent m-o-m in May, following a revised 0.9 percent m-o-m increase in April
(originally unchanged m-o-m). This was the first monthly drop in retail sales in
three months.
Economists
had expected total sales would decrease 0.8 percent m-o-m in May.
According
to the report, sales at building materials and garden equipment (-5.9 percent
m-o-m), autos (-3.9 percent m-o-m) and electronics stores (-3.4 percent m-o-m) recorded
the biggest declines in May.
Excluding
auto, retail sales dropped 0.7 percent m-o-m in May after a revised flat m-o-m
reading in the previous month (originally a 0.8 percent m-o-m decrease), being worse
than economists’ forecast of a 0.2 percent m-o-m gain.
Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, and are used in GDP calculations, decreased 0.7 percent m-o-m in May after a revised 0.4 percent m-o-m decline in April (originally a 1.5 percent m-o-m fall).
In y-o-y terms, the U.S. retail sales jumped 28.1
percent in May after a revised 53.4 percent climb in the previous month
(originally a 51.2 percent surge).
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