US Retail Sales Rise 0.1% To $703.1B In May

US retail sales rose 0.1% from the previous month to $703.1 billion, according to advance figures released Tuesday by the US Commerce Department.

The market estimate for the figure was to show an increase of 0.3%.

The April figure was also revised downward from no change to a decline of 0.2% for $702.5 billion.

On an annual basis, retail sales were up 2.3% in May, compared to the same month last year.

"Total sales for the March 2024 through May 2024 period were up 2.9 percent from the same period a year ago," the department said in a statement.

"Nonstore retailers were up 6.8 percent from last year, while food services and drinking places were up 3.8 percent from May 2023," it added.

The gains in figures indicate that consumer demand still remains high in the world's largest economy, and the Federal Reserve's first interest rate cut could be delayed further this year. -