Drop in U.S. Retail Sales Signals Uneven Consumer Spending
Customers browse products during the release of the Apple Inc. iPhone 7 and 7 Plus smartphones at an Apple Inc. in San Francisco, California, U.S., on Friday, Sept. 16, 2016. Shoppers looking to buy Apple Inc.'s new iPhone 7 smartphones on Friday better have ordered ahead. Brisk demand left some stores sold out, leaving those who purchased online with the best chance to get their hands on the latest models -- and some resorting to extreme measures.
Photographer: Michael Short/BloombergU.S. retail sales fell in May by the most since the start of 2016, reflecting broad declines in categories including motor vehicles and electronics, Commerce Department figures showed Wednesday.
The May figures highlight a cautious consumer. While the value of gasoline service-station receipts dropped the most since February 2016 and weighed on overall retail sales, Americans pulled back at other merchants. The data aren’t adjusted for prices, so lower fuel costs depress filling-station results.