U.S. Retail Sales Increased in May
June 18, 2019
Americans were spending more in May, bolstering hopes that the economy may not see a slower second quarter. The Commerce Department said that retail sales increased 0.5 percent for the month. They also revised April’s numbers to show a 0.3 percent increase instead of the previously reported 0.2 percent decline. Though economists had anticipated a 0.6 percent increase, May’s solid numbers coupled with April’s strong revision have raised expectations for the consumer spending element of Q2’s GDP. Consumer spending drives more than two-thirds of GDP. The first quarter saw a marked slowdown in consumer spending, a trend that will hopefully not continue into the second quarter.