Thursday's report from the Commerce Department showed that retail sales rose 0.3% from April to May, boosted by stronger sales of auto and parts dealers.
Economists had been expecting a decline in sales for the month. Last month's increase pointed to a still-resilient economy, though retail sales have been bumpy this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in April.
The latest retail sales data follow a government report this week that consumer inflation eased last month. Prices rose just 0.1% from April to May and are up just 4% over the previous 12 months - the lowest such figure in over two years.
Americans are still facing surging prices for many items, including rent and used cars, though some of them are expected to slow or even decline in the coming months.
At the same time, closely watched "core" prices, which exclude volatile food and energy costs and are considered better able to capture underlying inflation trends, increased 5.3% in May compared with 12 months earlier. That's still far above the Fed's target of 2%.
The retail figures released Thursday showed that lower gas prices may be freeing up shoppers' budgets to spend on other items.
Sales at car and auto parts dealers rose 1.4%.
Spending increased 0.3% at online retailers and 0.4% at restaurants and bars.
This story is from the June 17, 2023 edition of Techlife News.
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This story is from the June 17, 2023 edition of Techlife News.
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