Retail and food services sales in the United States recorded a monthly plunge of 0.3% along with the record-low consumer sentiment figure and market uncertainty, landing at $672.9 billion in May and contrasting market expectations, the Census Bureau revealed in its report published on Wednesday.
Total sales for the period of three months ending May jumped by 7.7% compared to the same timeframe in 2021. On the monthly basis, retail trade sales decreased by 0.4%, however, the retail sales have soared by 6.9% on an annual comparison basis. Gasoline stations recorded a 43.2% hike compared to the year prior, while food services and drinking places were up 17.5% from last year.
The Census Bureau also revised April's headline figure to $674.7 billion. Meanwhile, the Federal Reserve was expected to announce its interest rate decision later today.
