Economics

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Americans cut back sharply on their spending last month amid tariffs (www.cnn.com)

submitted 5 months ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Americans are feeling a hangover from their tariff-fueled buying frenzy early in the spring.

Retail sales fell by 0.9% in May from the prior month, the Commerce Department said Tuesday, down sharply from April’s downwardly revised 0.1% decline. That was the steepest monthly decline since January and worse than the 0.7% decrease economists projected in a poll by data firm FactSet.

The figures are adjusted for seasonal swings but not inflation.

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[–] Laser@feddit.org 4 points 5 months ago (1 children)

I'd always expect a decline after December because of Christmas

[–] Saleh@feddit.org 6 points 5 months ago

According to the article the numbers are season adjusted.