US retail sales unexpectedly drop in May as inflation weighs on spending

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

US retail sales unexpectedly drop in May as inflation weighs on spending

Alexandra Semenova · Reporter
Wed, June 15, 2022, 8:37 AM

U.S. retail sales registered a bigger-than-expected drop in May as record gasoline and food prices prompt households to cut back spending.

The Commerce Department said Wednesday that retail sales fell 0.3% last month, down sharply from April's 0.9% increase. Economists surveyed by Bloomberg expected May data to show a rise of 0.1%. (1)

(This post is breaking. Please check back for updates.)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
https://twitter.com/alexandraandnyc

(1) https://www.census.gov/retail/marts/www/marts_current.pdf

Read more: https://finance.yahoo.com/news/may-retail-sales-data-june-15-2022-123734719.html

[Marthe48]

1. Not buying what I don't need

using up my Covid-19 hoard, waiting for prices to drop. Hoping my little garden produces a few vegetables. Not driving if I don't have to, so I buy less gas. Trying to find things to be grateful about. I'll be 70 in August, glad I'm retired and introverted, or I couldn't live like this

[homegirl]

8. Contact

the local Food Bank. Here in Northern CA they are very active and accessible.

[Marthe48]

9. I am fine, thanks

I have always lived frugally, and when it's like this, cut back. I don't need anything myself, and help out where I can. We got to live through the inflation of the 7os (Whip Inflation Now!)

I just don't want to give the ghouls jacking up prices a penny more than I have to, and maybe by refusing to go along with their avarice, the lack of demand will get prices back down sooner.

[homegirl]

11. Good work

Many of us know how to food shop wisely and how to stretch what we have, Keep well and good luck!

[Marthe48]

12. Thanks!

You, too. Keep looking after folks

[JohnSJ]

2. This is exactly what the Fed wants to see happen

[progree]

3. May retail sales down 0.3% while CPI up 1.0%, so inflation-adjusted retail sales down 1.3%

[Bengus81]

4. Going to jack interest rates another 3/4 point today..........

Do people take out loans to buy gas and groceries? No...but at this point it might all be going on a credit card. This latest increase won't stop a GD thing. They'll be back to the trough to make their banking buddies even richer in another 3-4 weeks.

[Rebl2]

5. I live in

KCMO area and was out today and saw gas for 4.52. Thought last week I saw it for 4.76 or close to that. Is anybody else seeing a drop in gas prices?

[hardluck]

10. I haven't out in SoCal

Prices have gone up from $5.99 to $6.36 at our neighborhood gas station. In DTLA and Pasadena it is substantially higher. I just got an EV last week so at least I'm now somewhat immune from gas prices. My wife drives a hybrid so we still have to pay but now it is substantially less per month.

[dalton99a]

6. People have noticed that their wallets are being emptied at a ridiculous rate

[homegirl]

7. It's a

worldwide condition.

Expect a drop in purchases of:
Packaged meals
soft drinks
snacks
out of season produce
expensive cuts of meat

small appliances
clothing

truly amazing how much American spending is on unnecessary items.