WASHINGTON (Reuters) – U.S. retail sales rose unexpectedly in May, which could help support the economy this quarter.
Retail sales rose 0.3% last month after rising 0.4% in April, Commerce Department figures released Thursday showed.
Economists polled by Reuters had forecast a decline of 0.1%.
Although inflation and rising interest rates are encouraging consumers to be more selective, spending remains buoyant, thanks to strong wage increases resulting from a tight job market, while some households still have savings accumulated during the COVID-19 pandemic.
Excluding autos, fuels, building materials and food services, retail sales rose 0.2% month-on-month, in line with analysts’ expectations and compared with a (revised down) 0.6% rise in April .
This category is closest to the component of household consumption expenditure entering into the calculation of gross domestic product (GDP).
(Report by Lucia Mutikani; Diana Mandiá, edited by Blandine Hénault)
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