Retail sales down 1.2 percent for May

Retailers took a hit in May, with sales declining 1.2 percent — at a time when economists expected the opposite.

The U.S. Commerce Department released retail data for May earlier today. The decline falls in the face of a more hopeful trend; sales have grown 6.4 percent overall this quarter.

And the first quarter of this year saw an 8.2 percent increase in retail sales.

“Today’s data reflects what we know to be true: uncertainty remains and there is work left to do to ensure long-term economic stability,” U.S. Commerce Secretary Gary Locke said in a prepared statement.

Creative Commons photo, by Flickr user j.reed

He added: “Overall, consumer spending has increased modestly this quarter, and as Americans continue to cut down their debt, financial positions will improve. That will help spur future economic growth and help put people back to work.”

You can access the commerce department’s report here.

Know a small business we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.

Return to The Storefront