Retail sales in the U.S. fell in May for a second month as slower employment and subdued wage gains damped demand, a sign the world's largest economy is cooling.
The 0.2 percent decrease followed a similar decline in April that was previously reported as a gain, Commerce Department figures showed today in Washington. Last month's drop matched the median forecast of 79 economists surveyed by Bloomberg News. Sales excluding automobiles slumped by the most in two years.
Limited gains in payrolls and unemployment exceeding 8 percent signal it'll be tough for consumer spending, the biggest part of the economy, to accelerate from a first-quarter advance that was the biggest in a year. At the same time, lower prices at the gasoline pump are providing relief for Americans, helping sustain sales at retailers like Target Corp.
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