Data released by the US Department of Commerce showed that retail sales fell 0.9% MoM in May, the largest decline since the beginning of the year, dragged down by auto sales. The April data was revised down to a 0.1% decline, marking the first consecutive two-month drop since the end of 2023. US industrial output fell 0.2% MoM in May, the second decline in three months, reflecting a drop in utility production and weakness in manufacturing output. Manufacturing output increased slightly by 0.1% in May, while the April data was slightly revised down to a 0.5% decline.