Markets: News  

Retail sales fall in May for second month in row

WASHINGTON (MarketWatch) - U.S. retail sales fell 0.2% in May, largely because of less spending on gas, as consumers cut overall purchases for the second month in a row. The Commerce Department also revised April sales lower to a 0.2% decline from an original reading of a 0.1% increase. It was the first back-to-back drop in two years. Excluding autos, sales fell 0.4%. Excluding gas, overall retail sales rose a slight 0.1% and were a mixed bag. Sales sank 2.2% at gasoline stations to reflect a sharp decline in oil prices. And sales fell 1.7% at building materials and home-improvement stores, 0.5% at general-merchandise stores and 0.2% each at bars, restaurants and grocery stores. Yet auto sales climbed 0.8%, as did sales at electronics and appliance stores. Internet retailers posted a 1.3% increase and clothing stores saw a 0.9% gain last month. Before the retail report, economists surveyed by MarketWatch had expected sales to decline 0.3% in May, or by a smaller 0.1% excluding autos.