After a sluggish first quarter, growth in consumer spending is now expected to lift the economy. For April-June, analysts expect growth rate to touch 4.6%, an increase of 2.2% from first quarter.
In May, auto sales witnessed 0.5% growth and made up for one-fifth of the total retail spending. Sales at gas stations rose 2%, and home and garden sales rose 2.4%. Strong sales were also seen at restaurants and clothing stores, each of which recorded 1.3% improvement.
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Sales at building material stores offset its 0.8% fall in April with a 2.4% growth in the month of May. The next report will be published on July 16, 2018.