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au NEWSLETTER SIGNUP My account Log Out Jun 16, 11:13 AM AEST Business News Sports Technology Entertainment NEWSLETTER My account Log Out Australia edition Business News Sports Technology Entertainment Editions Australia India International Singapore United Kingdom United States NEWSLETTER Follow Us Editions Australia India International Singapore United Kingdom United States Business US Retail Sales Rise 0.3% In May, Showing Consumer Spending Is Holding Up - IBT Graphics By IBTimes Staff Reporter 06/16/23 AT 11:12 AM AEST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Retail sales in the United States grew at a slower pace in May, showing the world's biggest economy is cooling. IBTimes US Retail sales in the U.S. rose 0.3% in May to $686.1 billion, even as analysts were expecting a 0.1% decline. The surprise data indicates that consumer spending has remained resilient despite an elevated inflation rate and the headwinds in the economy. Construction materials and garden equipment rose 2.2% while motor vehicles and parts rose 1.4%. Sales at gasoline stations declined 2.6%. The retail sales report, by the U.S. Census Bureau of the Department of Commerce , provides an aggregated measure of the sale of retail goods and services across the United States over a period of a month. In April, retail sales rose 0.4% month-on-month from March when it was down 0.7%. This was the first increase in retail sales since January when a major surge in Social Security benefits catalyzed spending. Online retail sales increased by 1.2%, with price-conscious consumers looking for discounts and deals. Sales at food services and drinking places, the only services category in the retail sales report, also grew 0.6%. REGISTER FOR FREE to continue reading ✔️ Unlock the full content of International Business Times UK for free offer available for a limited time only ✔️ Easily manage your Newsletters subscriptions and save your favourite articles ✔️ No payment method required Already have an account? Log in © Copyright IBTimes 2023. All rights reserved. MEET IBT NEWS FROM BELOW CHANNELS MOST READ IN Business 1 Russian 'Experts' Openly Discuss Ways To Interfere With US Elections, Make Biden Lose 2 Innovation holds utmost significance in todays retail environment 3 HSBC makes a comeback in the mortgage broker market with adjusted rates 4 Shiba Inu Lead Developer Teases Imminent Release Of 'Something Physical' In Ecosystem 5 Decentralized Social Media App Damus Faces Apple App Store Removal Over Bitcoin Tipping Feature NEWS Business News Sports Technology Entertainment ABOUT About Us Advertise with us Contact us Terms & Conditions Privacy Policy Cookie Policy Editions Australia India International Singapore United Kingdom United States FOLLOW US Facebook Twitter LinkedIn © Copyright 2023 IBTimes LLC. All Rights Reserved.
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