Jun 18, 2024 - Economy

Retail sales stay weak in May as consumers remain cautious

Courtenay Brown

shoppers in front of nordstrom store — Photo: Bing Guan/Bloomberg via Getty Images

Retail sales edged up only slightly in May, and revised data showed shoppers pulled back more than initially thought in April, the Commerce Department said on Tuesday.

Why it matters: Consumers have been more cautious about spending in recent months — a warning sign for the economy and a notable shift from last year when consumer spending boomed.

By the numbers: Retail sales ticked up by 0.1% last month after a decline of 0.2% in April (revised down from a flat reading).

Compared to a year ago, retail sales are up 2.3%.
Excluding gasoline stations, retail sales rose 0.3% as prices at the pump fell last month. The data is not adjusted for inflation.

Zoom in: Sporting goods, book stores and other hobby shops was the strongest category for spending, where retail sales rose almost 3%.

Along with gas stations, furniture and home stores were among the weakest with sales declining by 1%.
Sales fell 0.8% at building supplier shops.

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Retail sales stay weak in May as consumers remain cautious

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