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U.S. Retail Sales Post Unexpected Gain in May
U.S. retail sales unexpectedly rose in May as consumers stepped up purchases of motor vehicles and building materials, Reuters reported Thursday. Sales increased 0.3% last month after rising 0.4% in April, according to U.S. Commerce Department data.
Economists polled by Reuters had forecast sales would slip 0.1%. Sales increased 1.6% year-over-year in May.
“We should stop counting out consumers’ spending desire and potential,” Mike Graziano, senior consumer products analyst at RSM US, told Reuters.
Sales at auto dealers increased 1.4%. Receipts at building material and garden equipment supplies dealers jumped 2.2%, likely driven by home renovations. There were also gains in sales at furniture stores as well as electronics and appliance outlets. Consumers spent more on hobbies.
Online retail sales gained 0.3%. Sales at food services and drinking places rose 0.4%. Economists view dining out as a key indicator of household finances. However, lower gasoline depressed receipts at service stations.
- ◦Economy
