Retail sales rose less than expected in May

 

(CNN)– People pulled back on spending last month. Retail sales rose just 0.1% in May, according to the Commerce Department.

That’s below economists expectations. Sales declined the most at gas stations, furniture stores, and shops that sell building materials and garden equipment.

Meanwhile, spending was the strongest at specialty stores that sell sporting goods, books, and musical instruments.

The slower-than-expected sales come as consumers continue to deal with high inflation and elevated interest rates.

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