A worker assists with check-out at a Costco store in Teterboro, New Jersey, US, on Wednesday, Feb. 28, 2024.
Stephanie Keith | Bloomberg | Getty Images
Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation.
Sales rose just 0.1% on the month, one-tenth of a percentage point below the Dow Jones estimate, according to a e Commerce Department’s report Tuesday that is adjusted for seasonality but not inflation. However, the result was slightly better than the downwardly revised 0.2% decline In April.
On a year-over-year basis, sales rose 2.3%.
The sales number was worse when excluding autos, with a decline of 0.1% against the estimate for a 0.2% increase.
Declining gas prices helped hurt receipts at gas stations, which reported a 2.% monthly decline. That was offset somewhat by a 2.8% increase at sports goods, music and book stores. Online outlets reported a 0.8% increase, while bars and restaurants saw a 0.4% decline.
Stock market futures were around flat following the report while Treasury yields declined.
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