Washington CNN —Sales at US retailers rose last month at an unexpectedly weak pace as US consumers continue to deal with still-high inflation and elevated interest rates.
Retail sales rose just 0.1% in May from the prior month, the Commerce Department reported Tuesday.
That’s better than April’s downwardly revised 0.2% decline but below the 0.3% gain economists projected in a FactSet poll.
Meanwhile, spending was the strongest at specialty stores that sell sporting goods, books, and musical instruments, which jumped by 2.8% last month.
Monthly retail sales have increased four times over the past six months through May, but figures for April and March were revised lower, the Commerce Department said Tuesday.
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Washington CNN —, Commerce Department, Federal Reserve