Retails Sales drop by 6.35% in May

Overall retail sales reached a total of $2.78 billion in May of 2019, a $188.6 million or 6.35% decrease when compared to the same month of the previous year.

This decrease was greatly due to a decrease in retail sales of new and used automobiles which went from $576.85 million in May of 2018 to $541.51 in May of the current year, therefore decreasing by $35.34 million or 6.1%. Retails sales of both new and used automobiles.

During 2018 and 2019, retail sales have remained relatively stable due to the recovery funds and federal related aid disbursed after hurricane Maria. Nevertheless, sustainable growth will depend in the inflow of additional funds from the federal government. It is not clear when the White House will release the reconstruction funds approved by Congress, specifically $8 billion of CDBG funds.