U.S. retail sales rise 18%

Video Credit: Reuters Studio
Published on June 16, 2020 - Duration: 01:09s

U.S. retail sales rise 18%

U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession was over or drawing to an end.

Fred Katayama reports.


U.S. retail sales rise 18%

A stunning retail rebound.

Americans emerging from lockdown went shopping with a vengeance in May, driving retail sales up a staggering 17.7% as several million people went back to work and states began to reopen their economies.

That's a new single-month record, more than double the previous record increase back in 2001.

And it's also more than twice what economists had been expecting.

Autos helped drive the snapback in sales as dealer showrooms reopened their doors.

Americans also loaded up on building materials, gas, electronics, clothing and furniture.

Still, as big as May's gains were, it recoups only a fraction of the record back-to-back sales declines of the previous two months when Americans were ordered to stay at home.

The U.S. economy sank into a recession in February.

But a surprising increase in payrolls in May supports the view that the economy may be on the mend.

The robust retail data sent investors shopping for stocks, driving the Dow up nearly 850 points Monday morning.

You are here

Related news from verified sources

Singapore's retail sales fell a record 40.5% in April from a year ago due to lockdown measures implemented in the city-state to curb the spread of the novel...
on June 5, 2020 • Reuters India

U.S. retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the...
on June 16, 2020 • Reuters India

Global stocks were back firing on all cylinders on Tuesday as a record rebound in U.S. retail sales and fresh support from the Federal Reserve and Bank of Japan...
on June 16, 2020 • Reuters India

Related videos from verified sources

Microsoft to Close All Brick & Mortar Locations 00:17
Video credit: Cheddar Inc. - Published on June 29, 2020 

Solid Retail Sales Not Enough For Stocks Friday 01:27
Video credit: The Street - Published on June 26, 2020 

H&M Closes More Stores To Beef Up Online Offerings 00:41
Video credit: Wochit - Published on June 26, 2020 

You might like