New retail sales figures show biggest drop since September 2009
- June 11, 2010
The Department of Commerce released monthly retail sales figures today that showed the largest drop since September 2009. Overall retail sales dropped 1.4 percent in May from the previous month but rose 6.1 percent over sales in May 2009. “Retailers have long recognized that it may be a long uphill climb to fully recover, but today’s report suggests the climb may be steeper than we thought,” Sandy Kennedy, president of the Retail Industry Leaders Association said in a statement.
Some people speculated that last month’s steep stock market declines may have spooked spending. The steepest declines came in builder and department store sales, which dropped 9.3 percent and 1.8 percent respectively. Other retail segments remained relatively flat.