It takes skill to mess up a modern market this badly.
From Bloomberg:
US retail sales fell in May for the first time in five months, restrained by a plunge in auto purchases and other big-ticket items, suggesting moderating demand for goods amid decades-high inflation.
The value of overall retail purchases decreased 0.3%, after a downwardly revised 0.7% gain in April, Commerce Department figures showed Wednesday. Excluding vehicles, sales rose 0.5% last month. The figures aren't adjusted for inflation.
The fact that there was a slight rise without auto sales included isn't much of a silver lining considering how much more money we're being forced to pay for necessary staples.
Spending in recent months has been supported by consumers dipping into savings and increasingly using credit cards. That dynamic could put overall retail sales growth at risk as Americans' financial foundations weaken.
Six of the 13 retail categories showed declines last month, according to the report, including electronics, furniture and e-commerce.
Grocery store sales advanced 1.2%, which could reflect higher prices rather than increased buying activity since the figures aren't adjusted for inflation.
The experts keep saying we're almost through the most painful part, but most of us realize the opposite is true...
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