The Commerce Department reports sales at retailers nationwide fell 0.3% in May, for the biggest drop since January 2016. Economists expected sales in May to be unchanged from April. Most of the drop was due to lower gasoline prices. Sales fell 2.4% at gas stations and fewer Americans bought new cars and trucks. Sales at auto dealers fell 0.2% last month. Auto sales account for about 20% of all U.S. retail sales. Sales on the internet jumped 0.8%. But sales at traditional department stores fell 1% for the worst performance in nearly a year.
The Commerce Department also reports U.S. business inventories fell 0.2% in April,. The inventory-to-sales ratio or how long it would take for businesses to clear their shelves was unchanged at 1.37 months.
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The Federal Reserve winds up its two-day policy meeting today with a press conference from Chairman Janet Yellen at 11:30 am Pacific time.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
