Consumers spent less money on retail goods in May than economic predictions expected. The overall rise in retail sales for May was 0.3%, a lower figure than the 0.6% that was expected. This was in part due to different spending habits across diverse aspects of the retail market. According to Reuters:
Sales at building materials and garden equipment stores rose 1.1 percent. There were also increases in sales at non-store retailers, which include online sales. Sales at gasoline stations rose 0.4 percent, reflecting higher pump prices.
There were, however, declines in receipts at sporting goods shops. Sales at electronics and appliances stores fell as did those at clothing retailers and restaurants and bars.
Consumers who own businesses, such as bars and restaurants, may have been slightly affected by these lower numbers. However, Reuters predicts that these figures will have little impact on the overall projected economic growth for the quarter. Therefore, it appears that though these figures are lower than expected, they will have little future impact on the average consumer.
Read More- “U.S. Retail Sales Rise Less Than Expected in May” (Reuters)