U.s. Retail Sales In May Far Exceeded Forecasts, Rising By The Most In Six-months And Signaling Faster Economic Growth.
Overall retail sales rose 0.8 percent from the prior month, double the consensus economic estimate of 0.4 percent, according to Commerce Department data released Thursday. The prior month was revised up to 0.4 percent, indicating a stronger April than earlier data suggested.
The results likely reflect the high levels of consumer confidence, a very strong labor market, and lower taxes. The unexpected strength in the control group, which excludes gas stations sales, indicates that higher fuel prices have not stolen consumer demand from other sectors of the economy – READ MORE
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