May Retail Sales Growth Falls Short of Expectations

Consumers face high inflation and interest rates, leading to cautious spending in various sectors.

Retail sales rose just 0.1% in May, below the forecasted 0.3% increase.
April's retail sales were revised down to a 0.2% decline from a previously reported flat figure.
Spending increased in online shopping and specialty stores but fell in furniture and home goods.
Lower gas prices contributed to the modest overall sales growth.
Economists suggest the trend indicates a gradual slowdown in consumer spending.