Tampa, Florida 2021-06-15 19:02:34 –
Major stock indexes fell slightly on Tuesday after a 1.3% drop in retail sales last month, according to new federal data. This is worse than some analysts expected.
Furniture, electronics and automobiles declined, but restaurants and bars increased in May.
This may suggest that after a year’s blockade from the pandemic, Americans enjoy the newly discovered freedoms and therefore prefer experience over commodities, but it’s universal. Not.
For example, clothing sales increased 3%, but electronics sales fell 3.4%. Meanwhile, sales of building materials and gardening supplies in May, the month of the informal kick-off for the summer, fell 5.9% compared to April.
Although it declined monthly in May, purchases remain strong compared to last year when many Americans saved instead of spending due to blockages, economic instability and job insecurity. The number in May was 28% higher than in May 2020.
Jay Strubberg contributed to this report.
U.S. retail sales drop 1.3% in May after 2 months of gains Source link U.S. retail sales drop 1.3% in May after 2 months of gains