May retail sales unexpectedly decline as consumers confront sizzling hot inflation


Big name retailers continue to get ‘squeezed’ by inflation: Larry Cheng

Volition Capital managing partner Larry Cheng discusses his outlook for the stock market and analyzes the significant earnings misses for large retailers on ‘Varney & Co.’

U.S. consumers unexpectedly pulled back on spending in May as they confronted the hottest inflation in four decades.

Retail sales, a measure of how much consumers spent on a basket of goods ranging from cars to food and gasoline, fell 0.3% in May from the prior month, the Commerce Department said Wednesday. Economists surveyed by Refinitiv expected sales to rise 0.2%. It marked a noted slowdown from the gain of 0.7% gain in April.




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