Sales at U.S. retailers unexpectedly fell in May for the first time since September following a record slump in purchases of building materials, adding to fears the economic recovery was losing some steam.
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The Commerce Department said total retail sales dropped 1.2 percent, the largest decline since September, after rising by an upwardly revised 0.6 percent in April. Sales in April were previously reported to have increased 0.4 percent.
Analysts polled by Reuters had forecast retail sales rising 0.2 percent last month.
Retail sales, which had risen for seven straight months, were up 6.9 percent compared to May last year.
U.S. stock index futures fell on the report, while Treasury debt prices rose. The U.S. dollar fell broadly.
"There's no getting around the fact you saw some consumer retrenchment in the month of May. The number is going to call into question the strength of consumer spending for the second quarter," said Kevin Flanagan, chief fixed income strategist at Morgan Stanley Smith Barney in Purchase, N.Y. read more
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