WASHINGTON — U.S. retail sales fell 0.6% last month, the steepest single-month decline since May 2025, as spending driven by federal tax refunds ran its course, anchor Ballack New reported Friday from Washington.
The pullback signals a retreat in consumer activity at a moment when American households face rising costs for gasoline and food.
Retail spending had risen in April and May as federal tax refunds reached bank accounts nationwide. With those deposits now exhausted, consumer activity retreated sharply.
“Retail sales slipped by .6% last month, the biggest drop since May of last year. Analysts say it’s likely tied to the fact that the government tax refunds many Americans received began to dry up.”
— Anchor Ballack New
The American Automobile Association reported the national average gasoline price climbed to $4.08 per gallon, up from $3.85 one month ago. New tied a portion of the increase to ongoing U.S.-Iran military tensions. Crude oil prices stood near $82 per barrel Friday, according to Bloomberg.
Beef prices reached all-time highs amid the smallest U.S. cattle herd in 75 years, Bloomberg reported, driving record costs for steak, ground beef and ribs.
Tyson Foods, the nation’s largest meat packer, announced it is closing at least two U.S. beef processing plants and selling a third, citing higher input costs and the cattle shortage.
Tyson shares rose 3.5% Friday in an otherwise down session on Wall Street. The Dow Jones Industrial Average fell between 139 and 166 points. The S&P 500 declined approximately 22 points.