WASHINGTON (AP) — Analysts say any disappointment in the retail sales numbers for May is offset by a gain in April that turns out to be better than initially reported.
The government says retail sales in May rose three-tenths of a point, helped by a jump in demand for autos. The result follows a gain of a half-point in April, revised upward from an initial one-tenth of one percent.
Paul Dales of Capital Economics says it “won’t be long before sales start rising more rapidly.”
Retail sales had fallen sharply in January as winter storms cut into shopping and other types of economic activity. And overall economic growth went into reverse in the first quarter. But the revival in consumer spending has led economists to predict a solid rebound in the current quarter.
For May, auto sales increased 1.4 percent. The rise in auto sales had been expected after dealers reported last week that sales in May jumped to a nine-year high, helped by brisk demand for SUVs and pickup trucks. But sectors outside of autos did not fare as well.
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153-v-32-(Warren Levinson, AP correspondent)–Retail sales rose again last month. AP correspondent Warren Levinson reports. (12 Jun 2014)
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APPHOTO NYBZ196: In this June 5, 2014 photo, Chelsea Vick shops for clothes at Wal-Mart Supercenter in Rogers, Ark. The Commerce Department releases retail sales data for May on Thursday, June 12, 2014. (AP Photo/Sarah Bentham) (4 Jun 2013)
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