Retail Sales up a Solid 0.9% in May as the Weather Warmed and Gasoline Prices Cooled
Shoppers boosted spending as warmer weather and lower gasoline prices helped offset weaker restaurant sales, according to Commerce Department data.
- Retail Sales rose 0.9% in May, according to Commerce Department data released Wednesday, up from a revised 0.4% gain in April.
- Warmer temperatures encouraged Shoppers to increase spending in May as Gas prices fell to $4.02, down 11% from $4.51 a month ago, according to AAA.
- Online Sales rose 1.5%, while Business at home furnishing stores grew 1% and clothing stores increased 0.3%, though electronics and appliance Business fell 0.5%.
- Business at restaurants registered a 0.1% decline as Consumers, the engine of the American economy, face 4.2% inflation from rising prices last week.
- A tentative deal to end the Iran war and reopen the Strait of Hormuz could ease supply pressures, though Steve Lamar, CEO of American Apparel and Footwear Association, said "our industry is still holding its breath.
45 Articles
45 Articles
Retail sales up a strong 0.9% in May, underscoring the resilience of the US consumer
NEW YORK (AP) — Shoppers stepped up their spending in May and surpassed expectations as temperatures warmed and gasoline prices leveled off. Retail sales rose 0.9%, up from a revised 0.4% gain in April, according to Commerce Department data released Wednesday. Sales got a boost from generous government tax refunds in both April and May,...
According to the Department of Commerce report, the largest increase in retail sales was reflected in gas stations with a 0.7% increase
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U.S. Retail Sales Surge in May as Consumer Spending Shows Strength Despite Inflation Pressures
U.S. retail sales rose more than expected in May as American households increased spending on vehicles, online purchases, and other goods, showing continued strength in ... The post U.S. Retail Sales Surge in May as Consumer Spending Shows Strength Despite Inflation Pressures first appeared on [your]NEWS.
Retail sales up a strong 0.9% in May, underscoring the resiliance of the US consumer
Shoppers stepped up their spending in May, surpassing economists’ expectations, as temperatures warmed and gasoline prices cooled. Retail sales rose 0.9%, up from a revised 0.4% gain in April, according to new Commerce Department data released Wednesday. Sales got a…
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