Retail sales up a strong 0.9% in May, underscoring the resilience of the US consumer
Summary
Retail sales in the United States rose by 0.9% in May, showing that consumers are continuing to spend despite higher prices. The increase was helped by large government tax refunds and steady job growth, even as some areas like electronics stores and restaurants saw less spending.Key Facts
- Retail sales grew 0.9% in May, up from 0.4% in April.
- Sales excluding gas stations rose 0.7% in May.
- Higher prices contributed to the increase in total sales figures.
- Clothing, accessories, furniture, and online sales showed growth.
- Electronics, appliance stores, department stores, and restaurants saw slight declines.
- Solid hiring also supported consumer spending.
- Large tax refunds in April and May helped boost spending but are expected to decrease soon.
- Gasoline prices have leveled off recently, easing some inflation pressures.
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