Photo: Stephanie Keith/Getty Images Retail sales in the United States spiked by 17.8 percent between April and May, a sign that the market is starting to recover after record drops caused by the coronavirus pandemic , according to figures released today by the United States Census Bureau . May's print marked the best result since December 2019.
The positive increase last month was the first time since March — when many of the state’s stay-at-home orders were put into place — sales had an increase, according to the Census Bureau.However, May’s sales numbers were still 6.1 percent below the figures in May 2019 and retail sales between March to May dropped a whopping 10.5 percent compared to the same time last year, the Census Bureau said.“All of these kinds of things want to feel like good news,” said retail consultant . U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease … May retail sales show biggest one-month increase of ALL TIME, up 17.7%,” Trump tweeted. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS.”The biggest increase from April to May came from clothing stores, which had an increase of 188 percent after it saw a jaw-dropping nearly 79 percent dip between March and April, according to the Census Bureau. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.They were previously reported to have been unchanged in April. Retail sales in the U.S. increased by 17.7 percent in May, but were still below 2019 numbers. Retail sales in the United States spiked by 17.8 percent between April and May, a sign that the market is starting to recover after .
On a monthly basis, retail sales rose 0.79% in May, which was broadly in line with April’s 0.77% expansion. Clothing store sales in May were still down by 42.9 percent compared to 2019.Other sectors to post huge gains between April and May were furniture stores — which increased by nearly 90 percent — and sporting goods, hobby, musical instruments and book stores, which all together posted an 88.2 percent gain in May.Emergency measures to halt the spread of the coronavirus caused many retailers to temporarily shutter in late March while shoppers stayed at home and millions of Americans lost their jobs.March and April saw historic declines in retail sales but experts believed May’s numbers to start improving as many states started to lift coronavirus restrictions and malls and shops reopened. as it switches its focus on to-go orders and expects to lose $3.2 billion in revenue during its third quarter, which ends in June. Detailed revisions analysis for three months, Great Britain; includes a 12-month comparison. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. “They’re not going into physical stores in April and in May.”Despite sales figures still being down compared to 2019, President “Wow! Retail sales in Australia increased 2.4 percent month-over-month in June 2020, slowing from a 16.9 percent jump in the previous month, a preliminary reading showed. The outlook for consumer spending is mixed. The assessment pegged May growth at 17.7 percent over April, but 6.1 percent below figures from May 2019. Retail sales in the U.S. increased by 17.7 percent in May, but were still below 2019 numbers. A first estimate of retail sales in volume and value terms, seasonally and non-seasonally adjusted.
Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Shoppers walk past sale signs in a mall, White Plains, N.Y. Data. The trade war between the United States and China, which escalated recently, is also hurting the economy.Last month, sales at auto dealerships accelerated 0.7% after dropping 0.5% in April.
The economy grew at a 3.1% pace in the January-March quarter after getting a temporary boost from exports and an accumulation of inventory.Exports dropped in April and inventory investment is slowing. Sales at bars and restaurants increased 0.7% last month, while those at hobby, musical instrument and book stores rose 1.1%.Got a confidential news tip?
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