Decline in May Sales
There was an unexpected decline in May sales; this was the first time in eight months that retail sales have fallen. U.S. retail sales fell 1.2% in May as reported by the Commerce Department; this excludes autos, building materials and gasoline station sales. Department store sales fell 1.8% while sales in the category of general merchandise stores fell 1.1%. The National Retail Federation president and CEO Matt Shay remains cautiously optimistic when he says "the road to recovery is paved with caution as consumers remain concerned about key indicators such as employment and housing."
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