U.S. retail sales up a record 17.7% in a partial rebound
U.S. retail sales jumped in May by the most on record and double forecasts, regaining more ground than expected after unprecedented drops the prior two months, as states allowed more merchants to reopen.
The retail figures suggest the economy is rebounding faster than anticipated after entering in February what’s likely to be the steepest downturn since the Great Depression. After months of being stuck at home, Americans began to travel and shop as states relaxed lockdowns on businesses. An uptick in the labor market in May and income support for those who lost their jobs during the pandemic helped underpin spending.Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%.
The so-called “control group” subset of sales, which excludes food services, car dealers, building-materials stores and gasoline stations, increased 11% from the prior month. In more normal times, the measure is viewed as a better gauge of underlying consumer demand.The figures corroborate other data showing the economy is stabilizing. Figures from the Federal Reserve Bank of New York on Monday showed a gauge of manufacturing in the state rose more than forecast in June.
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US retail sales jump record 17.7% in May, double estimates - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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