U.S. Retail Sales Down More Than Expected In May

The Commerce Department released a report on Tuesday showing U.S. retail sales decreased by more than expected in the month of May.

The report said retail sales slid by 0.9 percent in May after edging down by a revised 0.1 percent in April.

Economists had expected retail sales to decline by 0.6 percent compared to the 0.1 percent uptick originally reported for the previous month.

Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales fell by 0.3 percent in May after coming in unchanged in April. Ex-auto sales were expected to inch up by 0.1 percent.

At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of May. Industrial production is expected to inch up by 0.1 percent in May after coming in unchanged in April.

The Treasury Department is due to release its report on homebuilder confidence in the month of June at 10 am ET. The housing market index is expected to rise to 36 in June after tumbling to 34 in May.

Also at 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of April. Business inventories are expected to come in unchanged in April after edging up by 0.1 percent in March.