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Tuesday, June 18, 2024
HomeNewsEconomyU.S. Retail Sales Data Continue to Drag in May

U.S. Retail Sales Data Continue to Drag in May

A shopper passes a ''Sale'' sign at Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. (Photo: Reuters)
A shopper passes a ''Sale'' sign at Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. (Photo: Reuters)

A shopper passes a ”Sale” sign at Quincy Market in downtown in Boston, Massachusetts, U.S. January 11, 2017. (Photo: Reuters)

U.S. retail sales data continue to lag behind other consumer spending indicators in May, falling by 0.3% instead of the 0.1 expected median forecast gain. After posting weaker-than-expected numbers in the first quarter, retails sales don’t appear to be bouncing back in the second quarter.

Department stores saw a 1.0% decline, auto saw a 0.2% drop, and restaurants a 0.1% decline.

The Atlanta Federal Reserve increased their gross domestic product (GDP) forecast to over 3% for the annual rate, but retail sales and business inventories are could drag the final reading down.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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