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.

U.S. retail sales dropped more than expected in May, weighed down by a decline in motor vehicle purchases as a rush to beat potential tariffs-related price hikes ebbed, but consumer spending remained supported by solid wage growth.