• U.S. retail sales climb much more than forecast in May

Market news

16 June 2020

U.S. retail sales climb much more than forecast in May

The Commerce Department announced on Tuesday the sales at U.S. retailers jumped 17.7 percent m-o-m in May, following a revised 14.7 percent m-o-m plunge in April (originally a 16.4 percent m-o-m tumble). That was the biggest monthly increase on record.

Economists had expected total sales would climb 8.0 percent m-o-m in May.

According to the report, sales of clothing and footwear (+188 percent m-o-m) rebounded the most, followed by furniture (+89.7 percent m-o-m), sporting goods, hobby, musical instrument, and book stores (+88.2 percent m-o-m), electronics and appliances (+50.5 percent m-o-m), motor vehicles (+44.1 percent m-o-m), and gasoline stations (+12.8 percent m-o-m).

Excluding auto, retail sales rose 12.4 percent m-o-m in May after a revised 15.2 percent m-o-m decline in the previous month (originally a 17.2 percent m-o-m fall), much better than economists’ forecast of a 5.4 percent m-o-m gain.

In y-o-y terms, the U.S. retail sales declined 6.1 percent in May, following a revised 19.9 decrease in the previous month (originally a 21.6 percent drop).

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