Retail sales rise a meager 0.1% in May from April as still high inflation curbs spending

NEW YORK (AP) — Consumers barely increased spending in May from April as still high inflation and high interest rates curbed spending.

Retail sales rose 0.1% in May, below the pace that economists projected, according to the Commerce Department. And April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.

Excluding gas prices and auto sales, retail sales rose the same amount. Excluding sales from autos and auto parts, sales were down 0.1%.

The retail sales data offers only a partial look at consumer spending because it excludes things like travel and lodging. However at restaurants, the lone service category tracked in the monthly retail sales report, sales fell 0.4% in May.

D’Innocenzio writes about retail, trends, the consumer economy and hourly workers for The Associated Press.

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