Summary: US retail sales decline by 1.3% in May; fall larger than -0.4% expected; initially disappointing but numbers “tell encouraging story”; “move from spending on goods to services “underway”; falls in majority of retail categories; “vehicles and parts” the largest influence. US retail sales had been trending up since late 2015 but, commencing in late 2018, a series of weak or negative monthly results led to a drop-off in...