U.S. Retail Sales Jump More Than Expected In May
(RTTNews.com) - Reflecting strong sales growth throughout much of the sector, the Commerce Department released a report on Thursday showing a much bigger than expected increase in U.S. retail sales in the month of May.
The Commerce Department said retail sales jumped by 0.8 percent in May after climbing by an upwardly revised 0.4 percent in April.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales still surged up by 0.9 percent in May following a 0.4 percent increase in April. Ex-auto sales had been expected to climb by 0.5 percent.
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