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Spending at US retailers slumped for the first time since February last month as more economic restrictions were reversed and Americans settled into a new sense of normal.
US retail sales fell 1.3% in May, the Census Bureau said Tuesday. Economists surveyed by Bloomberg held a median estimate for a 0.7% decline. The decline places monthly sales at $620 billion and just below the record-high seen in April.
The April sales data was revised higher to a 0.9% jump from an initially unchanged reading.
While sales sit lower than the previous total, they’re still up 28% year-over-year and 18% details ⇒
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