REPORT: U.S. Retail Sales Top Forecasts, Bolstering Economic Pickup

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As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by Bloomberg:

U.S. retail sales rose in May by the most in six months, exceeding forecasts and bolstering expectations for an acceleration in economic growth this quarter.

The value of overall sales advanced 0.8 percent from the prior month, double the median estimate of economists and following an upwardly revised 0.4 percent gain in April, according to Commerce Department figures on Thursday. So-called retail control-group sales — a key measure that excludes food services, auto dealers, building-materials stores and gasoline stations — rose 0.5 percent, also exceeding projections.

The results added to signs that lower taxes, elevated confidence and a strong labor market are helping to cushion the blow to Americans’ wallets from higher fuel expenses. Solid gains in household purchases — the biggest part of the economy — and steady business investment are among reasons growth is projected to regain momentum in the second quarter.

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