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U.S. retail sales in May are weakest in 16 months

Sales at retailers nationwide sank 0.3% last month, the biggest drop since January 2016. The May sales report was generally weak across the board. Economists polled had forecast flat sales in May. The reversal last month unwound much of the strength in April when sales jumped 0.4%. April sales benefited from a late Easter holiday and the arrival of tax refunds for millions of American workers.

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