Retail Sales Fall 1.2%; Ex-Autos Drop 1.1%

WASHINGTON — Retail sales unexpectedly fell 1.2% in May on a seasonally adjusted basis to post their first decline in eight months, the Commerce Department reported Friday. Sales excluding autos fell 1.1%.

Economists had expected retail sales to increase 0.2% and forecast that sales excluding autos would rise 0.1%, according to the median estimates in a Thomson Reuters survey.

Diane Swonk, chief economist at Mesirow Financial, said the report confirms that the economic recovery continues to be “rocky and fragile.”

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER