US retail sales fell in May, the biggest decline since March 2023, after consumers pulled back from a spate of previous stockpiling this year. Retail sales comprised $715.4 billion, a decrease of 0.9% in April, and well below what economists estimated.

The engine of this economy — consumers — slowed in May. Consumer spending is responsible for more than two-thirds of gross domestic product in the U.S.

Investors were closely watching monthly retail sales to see how consumers are responding to increased tariffs.