Motor vehicle and parts dealers took the biggest hit, with sales dropping 3.5%. Electronics and appliance stores sales decreased 1.3%. Furniture and home furniture stores, as well as health and personal care stores, also experienced a decrease in sales.
Overall, online sales were down 1% in May.
The report comes out as the Bureau of Labor Statistic’s recent Consumer Price Index reports consumer prices have spiked by 8.6% in the last year. Meanwhile, gas prices have risen to a record high $5.01 national average.
Wall Street fell into a bear market this week, meaning an index like the S&P 500, the Down Jones Industrial Average or even an individual stock is 20% below a recent high for a sustained period of time. The S&P 500, at close of trading Tuesday, was 21.6% down for the year.
The Federal Reserve is expected to raise interest rates to combat inflation. However, polling shows many Americans lack confidence in the economy’s future performance and expect it to get even worse.