Economics
U.S. Retail Sales Drop, Hinting at Shift to Spending on Services
- Dip in retail receipts follows stronger gains prior two months
- Eight of 13 retail categories showed sales declines in May
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U.S. retail sales declined in May, after a stimulus-related splurge in the prior two months, suggesting consumers are starting to shift more of their spending to services as the economy reopens.
The total value of retail purchases fell 1.3% in May following an upwardly revised 0.9% gain in April, Commerce Department figures showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 0.8% decrease.