U.S. retail sales registered a bigger-than-expected drop in May as record gasoline and food prices prompt households to cut back spending.
The Commerce Department said Wednesday that retail sales fell 0.3% last month, down sharply from April’s 0.9% increase. Economists surveyed by Bloomberg expected May data to show a rise of 0.1%.
(This post is breaking. Please check back for updates.)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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