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US retail sales jump 17.7% in May

Tue Jun 16, 2020
watermark Economic news

According to the US Department of Commerce, retail sales jumped 17.7% in May compared with April. Analysts polled by Reuters forecast a growth of just 8% in monthly terms. The April indicator was revised downward by 14.7%.

At the same time, the volume of retail sales excluding automobiles and components in May grew by 12.4% compared to April. April was revised to a decrease of 15.2% from the previous estimate of a decrease of 17.2%.

Retail sales are one of the most important indicators of the state of the American economy, as consumer spending accounts for about 70% of the country's GDP. The US dollar received significant support after the publication of these data, as they reflect the restoration of consumer demand and the level of consumer confidence in the economy.

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