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

US retail sales fell by the most since the start of the year in May, suggesting new tariffs deterred consumers from spending, especially on cars.

Consumer spending likely dropped last month, economists forecast, weighed down by a pullback in car purchases. Retail sales are seen dropping 0.6% from April, economists polled by The Wall Street Journal project.