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US retail sales increase less than expected in May
Retail sales increased at a slower than expected pace in May as high interest rates and inflation continued to weigh on consumers. Retail sales increased 0.1, less than the 0.3% economists had expected but higher than the 0.2% decline seen in April, according to data from the Commerce Department. Excluding autos and gas, retail sales increased 0.1%, below estimates for a 0.4% increase but above the 0.3% decline in April. The report comes less than a week after the Federal Reserve's revised Summary of Economic Projections (SEP) showed the central bank estimating one interest rate cut this year. The commitment to high ... (full story)