Economy

US retail sales grew by almost 18% in May

U.S. Retail Sales Show Sharpest Gain in Seven Months

US retail sales grew by almost 18% in May

This suggests that the American economy could recover much faster than economists expected.

Americans in May began to make more purchases: a sharp increase was noted in the field of retail sales – in comparison with April, they grew by 17.7%, the Commerce Department said on Tuesday. This figure was twice the forecast of economists and is a record monthly increase in sales since 1992..

In May, all categories of retail sales grew: the sales of cars and trucks showed an increase of 44%, restaurants – 29%, sales of clothing and furniture increased significantly.

At the same time, compared to the same period last year, retail sales decreased by 6.1% – the economy continues to feel the impact of the crisis associated with the coronavirus pandemic.

Growth in retail sales in May suggests the US economy could recover faster than some economists predicted.

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