Reported 8 months ago
Retail sales in May increased by 0.1%, which was lower than the expected 0.3% growth, primarily due to high interest rates and inflation affecting consumer spending. Sales excluding autos and gas also fell short of estimates at 0.1%, but showed improvement from the 0.3% decline in April. The report indicates consumer struggle, impacting GDP growth forecasts for the second quarter. While concerns exist, others see positive trends in the retail control group, suggesting a more normalized pace for the economy, despite worries of a potential economic slowdown due to high interest rates.
Source: YAHOO