Data released by the U.S. Department of Commerce showed a sharp decline in consumer spending in May, driven by lower gasoline sales and expectations of an economic slowdown.
Retail sales dropped by 0.9%, exceeding the 0.6% decline forecast by the Dow Jones index. This followed a 0.1% decrease in April, amid ongoing tensions over tariffs and geopolitical issues.
Excluding automobiles, sales fell by 0.3%, worse than the expected increase of 0.1%. However, excluding categories such as auto sales, building supplies, and gas stations, sales actually rose by 0.4%.
Source (Al Arabiya.net Website, Edited)