Reported 8 months ago
US retail sales in May saw a minimal 0.1% increase following downward revisions in previous months, highlighting financial strain amongst consumers. Excluding gasoline, sales rose by 0.3%, while some categories experienced declines due to cheaper gasoline prices and Memorial Day discounts. Economists predict a slower pace of spending ahead as Americans remain cautious amidst inflation, a cooling job market, and signs of financial stress. The softer consumer and producer prices in May may prompt the Federal Reserve to consider lowering interest rates to support the economy.
Source: YAHOO