U.S. retail sales rose at a slower-than-estimated pace last month, though the government revised a prior report that had shown a drop in sales during April.
Retail sales rose by 0.5% in May, the Census Bureau said Friday in a statement. Economists had estimated a 0.6% gain during the month, according to FactSet.
But the government said retail sales rose by 0.3% during April, after initially reporting a 0.2% decline for the month.
That report sparked fears that the U.S. economy might headed for a quicker slowdown.
Economists surveyed by the data provider FactSet estimate that the U.S. economy will slow to a 2.4% growth rate this year, from 2.9% in 2018, but a recent survey by Wall Street's main trade association projected a faster decline, to 2.2%, largely because of concerns over President Donald Trump's intensifying trade war with China.