U.S. retail sales jumped in May by the most on record and double forecasts, regaining more ground than expected after unprecedented drops the prior two months as states allowed more merchants to reopen.
Sales soared 17.7% from the prior month, the most in data going back to 1992, following a revised 14.7% slump in April, according to Commerce Department data issued Tuesday. The median forecast in a Bloomberg survey of economists called for a 8.4% gain in May.
All categories increased in May. Even with the improvement, the value of sales remained 6.1% below last year’s level.
Source : Bloomberg