Global Wood & Furniture Marketplace Online

U.S. Retail Sales, Wholesale Prices down
¡¾2002.06.19¡¿

Retail sales, wholesale prices down

Washington, June 19, 2002 -- U.S. retail sales declined 0.9% in May according to a report released by The Census Bureau of the Department of Commerce.

Retail and food services sales for May, adjusted for seasonal, holiday, and trading-day differences, but not for price changes, were $297.0 billion, a decrease of 0.9% from the previous month, but up 2.2% from May 2001.

Total sales for the March through May 2002 period were up 3.3% from the same period a year ago. The March to April 2002 percent change was unrevised from 1.2%.

May retail results were dragged down by automobile sales, which declined 2.5%, and lower gasoline prices, which precipitated a 3.1% decline. Excluding auto sales, the total decline was 0.4%.

Furniture and home furnishings sales defied the trend with an increase of 0.9% in May, while building and garden material sales declined 0.4%.
Meanwhile, wholesale prices, a closely watched inflation gauge, fell 0.4% in May, alleviating concerns that inflation might impact an economic recovery.
Energy prices led the decline, with a drop of 2.3%, sparked by a 9.6% fall in gasoline prices. Food prices also declined, dropping 0.2%.