World Economy

US Retail Sales Tumble

US Retail Sales TumbleUS Retail Sales Tumble

US retail sales recorded their biggest drop in more than a year in May amid declining purchases of motor vehicles and discretionary spending, which could temper expectations for a sharp acceleration in economic growth in the second quarter, Business Insider reported. The Commerce Department said on Wednesday retail sales fell 0.3% last month after an unrevised 0.4% increase in April. May’s decline was the largest since January 2016 and confounded economists’ expectation for a 0.1% gain. Retail sales rose 3.8% in May on a year-on-year basis. Some of the drop in monthly retail sales reflected lower gasoline prices, which weighed on receipts at service stations.

Add new comment

Read our comment policy before posting your viewpoints