THENATIONALPULSE (Pulse Wires) - U.S. Retail Sales Beat Expectations in May, Here’s Why:
U.S. retail sales exceeded expectations in May, driven partly by higher spending at gas stations.
U.S. retail sales exceeded expectations in May, driven partly by higher spending at gas stations. PULSE POINTS WHAT HAPPENED: U.S. retail sales rose by 0.9 percent in May, reaching $763.7 billion, surpassing the 0.5 percent increase anticipated by economists. This growth was largely driven by higher spending at gas stations amid elevated energy costs. However, core retail sales, which exclude autos, gasoline, building materials, and food services, also rose 0.7 percent, suggesting solid consumer demand and supporting expectations for stronger second-quarter economic growth. DETAIL: Sales in April were revised down to a 0.4 percent gain, while year-over-year retail sales increased 6.9 percent. Higher fuel costs contributed to the…Open