US 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.