Americans bought fewer cars in May, pulling retail sales down for the first time in nearly a year. Sales among U.S. retailers fell 0.2% last month, the Commerce Department says. It was the first decline after 10 straight increases and the latest report signaling the economy has lost momentum. Consumers are struggling to deal with high gasoline prices and a slowdown in hiring. Auto sales dropped 2.9%, the largest decline since February 2010. But excluding the weak car sales, retail sales rose 0.3%. A lack of deals and the shortage of some fuel-efficient models in high demand were to blame for the decline in auto sales. The earthquake and tsunami in Japan disrupted shipments of cars and component parts to the United States.
U.S. retail sales fall for first time in nearly a year
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
