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U.S. retail sales fall in May; producer prices increase

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Reuters

WASHINGTON (Reuters) – U.S. retail sales fell more than expected in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and engage in other activities that had been restricted by the COVID-19 pandemic. Retail sales dropped 1.3% last month, the Commerce Department said on Tuesday. Data for April was revised higher to show sales increasing 0.9% instead of being unchanged as previously reported. Economists polled by Reuters had forecast retail sales declining 0.8%. During the pandemic, demand shifted to goods like electronics and motor vehicles as mil…

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