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May retail sales down

Apparel

May retail sales down

By

Jun 14, 2010

Sales at retailers in the US unexpectedly fell in May for the first time in eight months, but a

jump in consumer sentiment to a near two-and-a-half-year high in early June eased fears of a slowdown in the economic recovery.

The drop in sales reported by the Commerce Department followed last week's data which showed a step back in private hiring in May, but analysts still saw little risk of the economy slipping back into recession."

The report is not evidence that the economy is getting ready for a double dip or that consumers, facing headwinds of double-digit unemployment and bank credit restriction, are taking their ball and going home," said Chris Rupkey, an economist at Bank of Tokyo-Mitsubishi in New York.