Retail sales took a dip in May

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Inflation, pricier gas and increasing interest rates impacting car and home purchases all contributed to a decline in American retail spend in May.

Retail sales dipped 0.3% from April’s 0.7% increase, according to Commerce Department data.


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The deep dip in car sales played a big role, according to a Wall Street Journal report, which reported that retail sales actually rose 0.5% if the auto sales are not factored into the spend analysis.

«We’re in a little bit of a watershed in terms of what’s going to happen to the economy,» Craig Johnson, president of research and consulting firm Customer Growth Partners, told the news outlet. «The American consumer — she’s very resilient, but she’s not infinitely resilient.»

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