WASHINGTON, DC — The U.S. Department of Commerce has reported that U.S. retail sales dropped 0.9% to $297 billion in May, the third decline of the year.

The May report was lower than expected as some economists were expecting a modest increase of 0.1%. According to a CBS MarketWatch report, these economists are now concerned that the positive signs of growth over the past few months may be fading.

Publication date: 06/10/2002