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WASHINGTON >> Americans cut spending at gasoline stations, department stores and electronics shops in May as retail sales registered their biggest drop in 16 months, a cautionary sign for the economy.
The Commerce Department said Wednesday that retail sales dropped 0.3 percent, the first decline since February and the sharpest since a 1 percent decrease in January 2016. Economists had expected sales to increase slightly in May after rising 0.4 percent in April.
Over the past year, retail sales have risen a solid 3.8 percent.
Last month, sales fell 2.8 percent at electronics stores, the biggest such drop since March 2016. They fell 2.4 percent at gasoline stations and 1 percent at department stores, which have struggled with competition from online retailers.
A slump in consumer spending early this year is a key reason why the economy expanded at only a lackluster 1.2 percent annual pace from January through March.
ON THE MOVE
The University of Hawaii Foundation has announced the following promotions in its Office of Corporate and Foundation Relations: Laurie Komatsu to director of corporate and foundation relations from associate director of corporate and foundation relations; Lisa Ottiger to director of proposal development from associate director of corporate and foundation relations.
American Savings Bank has promoted Dani Aiu to executive vice president and director of consumer banking from regional executive and director of branch banking. She has more than 20 years experience with the bank and also serves on the board of directors of the Boys & Girls Club of Hawaii.