Reports of the death of the American consumer were greatly exaggerated as the May retail sales data rose at a solid pace and the decline in the prior month was revised to show a gain.
Retail sales increased 0.5% in May, with broad-based gains, the Commerce Department said Friday. Economists polled by MarketWatch had forecast a solid 0.7% gain.
There was a big rise in auto sales, but the even when that was stripped out, retail sales rose 0.5%, the government said.
Almost all categories showed gains in May. The only decline were food and beverage stores, department stores, miscellaneous stores and clothing.
Electronic store sales jumped 1.1% in May. Health and personal care stores also had a strong sales gain.
Auto sales rose 0.7%. They account for about one-fifth of all retail sales. Retail sales excluding autos and gas also rose 0.5%.
Source : MarketWatch