The U.S. consumer is alive and well.
Just moments ago, the U.S. reported a 17.7% jump in May retail sales – the biggest monthly jump in history. All thanks to lifted lockdowns that sent consumers back to retail.
It’s also more than double the 8% estimates from economists. “Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%. Far bigger than projected. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS,” added President Trump.
Excluding motor vehicles and parts, which were up 44.1%, May’s retail sales were up 12.4%, which, according to CNBC, is the best on record in 43 years. Sales at clothing stories nearly tripled in May from a month earlier, as noted by Bloomberg, while purchases at building materials outlets climbed 10.9% and non-store sales, which consist mainly of Internet purchases, rose another 9%.
Better, the figures suggested the resilient economy is rebounding quicker than anticipated after the steepest downturn since the Great Depression.