US retail sales increased less than expected in May, a sign that consumer spending — which has remained relatively resilient despite the high interest rate environment — softened in the spring.
Headline sales, which include spending on food and petrol, increased 0.1 per cent in May, the Census Bureau reported on Tuesday, missing economist expectations for a 0.3 per cent gain. April’s figure was revised lower to a 0.2 per cent decline from a previously flat reading.
The report, which is not adjusted for inflation, showed spending at petrol stations declined 2.2 per cent, which may have been aided by falling petrol prices. Consumers also pulled back spending on furniture, building materials and food services, while spending increased on motor vehicles, electronics and sporting goods.
The retail control group, which excludes building materials, motor vehicle parts and petrol sales, increased 0.4 per cent last month. That matched forecasts, but April’s figure was revised lower to a 0.5 per cent decline.
