Investors were closely watching monthly retail sales to see how consumers are responding to increased tariffs.

The bureau had previously reported that monthly retail sales rose 0.1% in April. Compared with a year ago, however, sales still rose 3.3% in May. Last month’s 0.9% decline was d

The Census Bureau's Advance Retail Sales Report for May showed consumer spending pulled back significantly last month, with headline sales sinking 0.9%.

The decrease in retail spending was driven by a steep decline in car sales, just two months after consumers rushed to make car purchases before President Donald Trump’s tariffs were scheduled to go into effect.