Retail sales in May fell at a greater rate than what economists predicted. But a closer look reveals a somewhat encouraging economic snapshot. Why it matters: Consumer spending accounts for about 68% of GDP. So, the trajectory of retail sales acts as a rough proxy for the direction of the economy. According to the Census Bureau, total retail sales fell by 1.3% month over month in May, which was slightly worse than the 0.8% decline estimated by economists. Yes, but the prior two month’s numbers were revised up significantly. April retail sales actually grew 0.9% month over month, a big change from an initial print that showed no growth. Large upward revisions to April data means that the consumer pulse remains vibrant with headline & core retail sales still 18% above their pre-pandemic level! Read more at Axios.