Retail sales rose 0.3% in May despite pressure from higher inflation and interest rates

Despite the persistent challenges posed by high inflation and increasing borrowing costs, Americans demonstrated an uptick in their spending at retailers last month.

According to the report released by the Commerce Department on Thursday, retail sales experienced a 0.3% increase from April to May, primarily driven by stronger sales in the automotive sector, including auto and parts dealers.

Economists had initially anticipated a decline in sales for the month. However, the recent increase indicates the resilience of the economy, although retail sales have exhibited volatility throughout the year.

After a significant surge of nearly 3% in January, sales plummeted in February and March before rebounding in April, the Associated Press reports.

READ MORE: https://apnews.com/article/retail-sales-inflation-commerce-department-consumers-8dc9a9f1dd6745cef23e75948069446a

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