US consumers spent slightly more than expected in May after a strong surge in retail sales the prior month, official data showed Tuesday.
Retail and food services sales rose 0.5 percent in May, slowing from the 1.3 percent jump in April, the Commerce Department reported. Analysts had forecast a smaller 0.3 percent gain.
The retail sales data is a key gauge of consumer spending in the United States, the main motor of the economy. Retail sales were up 2.5 percent in May from a year ago.
"This is a solid report," said Ian Shepherdson of Pantheon Macroeconomics. "Now that the weather has returned to normal with the fading of El Nino, and with Easter distortions out of the data, the consumer is back on track."
Gasoline sales jumped 2.1 percent, reflecting in part increased prices. Online sales growth slowed to 1.3 percent, nearly half the pace of April, but sales at restaurants and bars, and clothing stores picked up.
Auto sales increased 0.5 percent, marking a sharp downturn from March as the auto industry cools from a 2015 boom.
Stripping out auto sales, retail sales rose 0.4 percent in May.
GMT 08:55 2018 Wednesday ,24 January
Philippines retains EU export perks despite 'extrajudicial killings'GMT 08:00 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 09:44 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 09:37 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 09:41 2018 Friday ,19 January
US industrial output in 2017 posts biggest gain since 2010Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor