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Economic news
18.06.2024

U.S. retail sales rise slightly less than forecast in May

The Commerce Department reported on Tuesday that sales at U.S. retailers edged up 0.1 per cent m-o-m in May, following a downwardly revised 0.2 per cent m-o-m fall (from flat m-o-m) in April. 

Economists had foreseen total sales would increase 0.2 per cent m-o-m in May.

According to the report, the May uptick in the total retail sales reflected advances in 8 retail categories that were offset by declines in 5 remaining other categories. sporting goods, hobby, musical instrument, and book stores (+2.8 per cent m-o-m), clothing and clothing accessories stores (+0.9 per cent m-o-m), motor vehicle and parts dealers (+0.8 per cent m-o-m) and nonstore retailers (+0.8 per cent m-o-m) demonstrated the largest gains in retail sales in May, while gasoline stations (-2.2 per cent m-o-m), furniture and home furnishings stores (-1.1 per cent m-o-m) and building material and garden equipment and supplies dealers (-0.8 per cent m-o-m) showed the biggest decreases.

Excluding auto, retail sales slipped 0.1 per cent m-o-m in May after a downwardly revised 0.1 per cent drop m-o-m (from +0.2 per cent m-o-m) in the previous month, being worse than economists’ prediction of a 0.2 per cent m-o-m gain. 

In y-o-y terms, U.S. retail sales surged 2.3 per cent in May after an unrevised 3.0 per cent soar in the previous month. This marked the weakest annual increase in retail sales in three months.

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