US retail sales fall in May
The Commerce Department has today revealed US retail sales fell in May for the first time in 11 months, hit by weak car sales.
According to official figures, sales fell 0.2% to $387.1 billion on a monthly basis as consumers opted out of buying big-ticket items such as cars.
Car sales were almost 3% lower, hit by supply issues due to the earthquake in Japan.
However, stripping out car sales, retail sales were up 0.3% on the previous month.
In other news today, the Labor Department revealed producer prices grew 0.2% last month, however this was much slower than April’s 0.8% rise.