Categories Retail

US retail sales beat expectations in May

US retail sales growth blew past expectations in May, primarily due to increased sales at gas stations, home centers, restaurants, and clothing stores. This rise further indicates a shift towards stronger economic growth.

According to the report released by the Commerce Department, overall sales jumped 0.8% from April 2018 to $502 billion, marking the highest increase since November 2017. Meanwhile, in the past one year, retail sales jumped as much as 5.9%. Sales growth in April was revised to 0.4% from 0.2%, to reflect the changes in the way the government calculates the figures.

US retail sales for May

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.

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.

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top