Read, Watch or Listen

US retail sales unexpectedly plunged 0.9% in May, exceeding forecasts of a 0.6% drop. Declining gas sales and economic uncertainty contributed to the fall, following a 0.1% decrease in April. Excluding autos, sales fell 0.3%. While some sectors like online retailers showed growth, the overall decline reflects cautious consumer spending amid trade war concerns and rising prices. This contrasts with slightly improved consumer sentiment, suggesting a disconnect between feelings and spending habits. The drop raises concerns about second-quarter GDP growth projections.

Prepared by Christopher Adams and reviewed by editorial team.