U.S. retail sales fell by 1.3% in May, following a strong rebound in March (up 11.3% from the previous month) and moderate growth in April (0.9%), showing the first signs of shifts in consumer spending as economic activity returns to normal across the country. The U.S. population has accumulated estimated savings of about $1.7 trillion as a result of reduced spending due to pandemic-related mobility restrictions over the past year and economic aid provided by the government. This has driven retail sales in recent months—the $620 billion reported last May compares to $526 billion in February 2020, before the pandemic— but the end of restrictions is shifting consumption toward the service sector, such as spending at bars and restaurants (which rose 1.8% in May) and travel, analysts say. Another telling figure: clothing store sales rose 3% in May, coinciding with the reopening of offices and an increase in social activities.