Retail sales drop is first in 8 months

Retail sales fell for the first time in eight months in May, the government said Friday, widely missing analyst expectations.

Total retail sales fell 1.2% to $362.5 billion last month, compared with April's upwardly revised 0.6% increase, the Commerce Department said.

It was first decline since last September, when retail sales fell 2.3%. Economists surveyed by Briefing.com expected sales would increase by 0.2% in May.

Sales excluding autos and auto parts dropped 1.1% last month. Economists had projected sales excluding autos to edge up 0.1% in May.

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- Posted: 2010-06-11 10:46:27

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