Retail sales dip
Retail sales fell 0.2 percent last month, led by a 2.8 percent drop in automobile sales, according to a Commerce Department report, the Associated Press reported.
Excluding autos, retail sales jumped 0.5 percent, better than analysts expected. General merchandise stores, which include big chains such as Wal-Mart Stores Inc., fared among the best with a 0.5 percent rise as people looked for discounts. Meanwhile, department store sales slipped 0.1 percent.
Another government report showed that prices of imported goods rose 1.8 percent last month, led by a rise in fuel costs and metals, Bloomberg reported. Excluding petroleum, prices of goods imported into the U.S. increased 1.1 percent on higher costs for capital goods, industrial supplies and automobile parts.
The Bush administration is banking on a $168 billion economic stimulus package to help jump-start the economy. The government began sending checks to households at the end of April.