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Retail Sales Declined Slightly. Seasonally adjusted U.S. retail sales dropped 0.3 percent from April to May. Cumulative twelve-month growth in sales from May 2021 to May 2022 was 8.1 percent.

Inflation-Adjusted Retail Sales Declined More. Across all goods and services purchased by consumers, U.S. prices grew 1 percent from April to May, so inflation-adjusted sales declined significantly more than nominal sales. From May 2021 to May 2022, prices grew 8.6 percent, more than offsetting the 8.1 percent growth in sales over that twelve-month period.


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