U.S. Retail Sales Fall Below Expectations In May

U.S. retail sales barely rose in May and data for the prior month was revised significantly lower, suggesting that economic activity remained lacklustre in the second quarter, news reports said on Tuesday. 

MIDF Reseach, in a note today (June 19) said they anticipate the softening of domestic demand conditions to lead to further moderation in price pressures while the rebound in industrial production signals better global demand, looking ahead.

The US retail sales rose by +2.3%yoy in May-24, marking 3-month low.

Motor vehicle & parts dealers saw a softer sales increase of +1.3%yoy, the lowest in 4-month. Sales of food services & drinking places grew slower at +3.8%yoy, 4-month low.

Month-on-month, retail sales rebounded by +0.1%mom (Apr-24: -0.2%mom), missed market expectations of +0.3%mom.

On another data release, industrial production expanded by +0.4%yoy. Manufacturing production rebounded with a marginal expansion of +0.1%yoy (Apr-24: -0.9%mom).

Monthly basis, industrial production increased by +0.9%mom, exceeded market expectations of +0.3%mom.

The sustained expansion of the services sector, though moderating, aligns with the steady growth of the US ISM Services PMI. However, the rebound in manufacturing comes despite a sharper decline in the ISM Manufacturing PMI, MIDF Research said.

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