Retail sales up 0.9% in May as the weather improved and gasoline prices cooled
Summary
Retail sales in the United States rose by 0.9% in May, stronger than in April, helped by warmer weather and lower gasoline prices. Sales increased in many retail sectors, especially online and home furnishings, while some, like electronics stores and restaurants, saw declines.Key Facts
- Retail sales grew 0.9% in May, up from 0.4% in April.
- Government tax refunds helped support spending in April and May but are fading.
- Sales increased 0.7% when excluding gas stations.
- Clothing and accessories stores sales rose 0.3%; home furnishing and furniture stores rose 1%.
- Electronics and appliance stores saw a sales decline of 0.5%.
- Online retail sales increased by 1.5%.
- Restaurant sales fell slightly by 0.1%.
- Gasoline prices fell to an average of $4.02 per gallon, down 11% from $4.51 a month earlier.
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