Partly reflecting a sharp pullback in auto sales, the Commerce Department released a report on Tuesday showing retail sales in the U.S. tumbled by much more than expected in the month of May.
The Commerce Department said retail sales plunged by 1.3 percent in May, while economists had expected a 0.8 percent decrease.
However, the steep drop came following a significant upward revision to the data for the previous month, which showed retail sales climbed by 0.9 percent in April compared to the unchanged reading originally reported.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.