Economics
Retail Sales, Factory Data Show Growing Pains for U.S. Recovery
- Dip in retail receipts follows stronger gains prior two months
- Factory output picks up yet index below pre-pandemic level
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An onslaught of economic reports on Tuesday added to evidence of a U.S. recovery in full swing, yet one experiencing growing pains.
While retail sales in May fell more than forecast, Americans may simply be shifting more of their spending to services such as travel and entertainment. The government’s report also showed merchant receipts were stronger than previously reported during the prior two months, when stimulus checks powered demand.