Retail sales in the United States fell more than expected in May. The proceeds were 0.9 percent compared to the previous month, as the Ministry of Commerce announced in Washington on Tuesday. This is the strongest decline since the beginning of the year. On average, economists had only expected a decline of 0.6 percent.
In April the sales by revised 0.1 percent had fallen. Initially, an increase was reported by 0.1 percent. Especially the proceeds with building materials and cars decreased. Without the volatile sales with vehicle sales, retail revenues only fell by 0.3 percent. A growth of 0.2 percent was predicted here. The newly introduced tariffs have apparently held people from the car acquisition. The purchases had increased significantly before the introduction of the tariffs.
“Even without a car heel, the result was disappointing, especially since the previous monthly values were also revised downwards,” commented Ralf circulation, analyst at Helaba. “All in all, the numbers will probably serve to underpin the speculations on two reductions in the US string interest in the year, although no loosening should be decided at the FOMC session this week.” The US Federal Reserve will publish its interest decision on Wednesday.
The sales of the retailers are considered an indicator of the strength of private consumption, which plays a particularly important role in the growth of the world’s largest economy.