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Retail Sales Dip in May

Marks second month of declines

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Retail sales in the U.S. dropped 0.2 percent in May, attributed to slower employment and subdued wage gains, Bloomberg reports.

The decrease marks the second month in a row of dipping sales, following April’s sales drop that was previously reported as a gain.

“The consumer is pulling back,” said Michael Brown, an economist at Wells Fargo Securities (Charlotte, N.C.), told Bloomberg. “There isn’t a lot of job creation. We will continue to see softer numbers.”

The U.S. Commerce Report shows eight of 13 major categories showed declines last month, led by building materials retailers, service stations and general merchandise stores. Retail sales excluding autos decreased 0.4 percent, the weakest performance since May 2010, reflecting cheaper gasoline receipts at service stations. However, with cash freed up by less expensive gas, consumer spending increased 0.9 percent at clothing stores and 0.8 percent at electronics chains.

 

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