Retail sales fell
Digest more
Top News
Impacts
The decrease in retail spending was driven by a steep decline in car sales, just two months after consumers rushed to make car purchases before President Donald Trump’s tariffs were scheduled to go into effect.
US retail sales fell by the most since the start of the year in May, suggesting new tariffs deterred consumers from spending, especially on cars.
U.S. retail sales dropped more than expected in May, weighed down by a decline in motor vehicle purchases as a rush to beat potential tariff-related price hikes ebbed, but consumer spending remains supported by solid wage growth for now.
Consumer spending likely dropped last month, economists forecast, weighed down by a pullback in car purchases. Retail sales are seen dropping 0.6% from April, economists polled by The Wall Street Journal project.
Explore more
ASOS has debuted in physical retail in the United States with a pop-up store in SoHo and plans for a Hamptons pop-up on the long weekend.