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Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending

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Consumers barely increased spending in May from April as still high inflation and high interest rates curbed spending.

These must-have Insider Deal household items are at unbeatable prices!FILE - Purchases are made in a retail store in Northbrook, Ill., Monday, May 13, 2024. On Tuesday, June 18, 2024, the Commerce Department releases U.S. retail sales data for May. –

Retail sales rose 0.1% in May, below the pace that economists projected, according to the Commerce Department. And April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.Excluding gas prices and auto sales, retail sales rose the same amount. Excluding sales from autos and auto parts, sales were down 0.1%.

The retail sales data offers only a partial look at consumer spending because it excludes things like travel and lodging. However at restaurants, the lone service category tracked in the monthly retail sales report, sales fell 0.4% in May. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

 

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Retail sales rise a meager 0.1% in May from April as still high inflation curbs spendingConsumers barely increased spending in May from April as still high inflation and high interest rates curbed spending.
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Retail sales rise a meager 0.1% in May from April as still high inflation curbs spendingConsumers barely increased spending in May from April as still high inflation and high interest rates curbed spending. Retail sales rose 0.1% in May, below the pace that economists projected, according to the Commerce Department. And April sales were revised downward _ a 0.2% decline from unchanged. Sales rose 0.6% in March and 0.9% in February.
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