May's Retail Sales Depressed Q2's Real GDP

May's retail sales was weak in current dollars (-0.3% m/m) and even weaker in real dollars (-1.6%). The question is whether consumers have more than satisfied their post-lockdown, pent-up demand for goods, and are now spending more on services? Consider the following:(1) The three rounds of stimulus checks provided by Uncle Sam (actually Uncles Don and Joe) during the pandemic certainly stimulated retail sales. Indeed, they caused a demand shock which overwhelmed the supply of goods. That triggered a remarkable jump in inflation, led by rapidly rising consumer durable goods prices.(2) Consumer spending on services was held back by the pandemic, but has been making a big comeback in recent months. Indeed, retail sales includes an item for food services and drinking places, which is up 17.5% y/y through May.