News

U.S. retail sales drop for the first time in 11 months

June 13, 2011

According to Bloomberg, U.S. retail sales fell in May for the first time in 11 months. Americans spent less because of higher gasoline and food prices. Fuel prices reached the highest level in nearly three years, and the overall unemployment rate in May was 9.1 percent, up from 9 percent in April.

Figures released by the U.S. Department of Commerce showed a 0.2 percent decrease to $387.12 billion in sales, following a 0.3 percent gain in April.

Economists blamed much of the weakness on gasoline prices and supply chain disturbances from the earthquake and tsunami in Japan, including a shortage in Japanese-made vehicles.