Reports of the death of the American consumer were greatly exaggerated after U.S. May retail sales data rose at a healthy pace and the decline in the prior month was revised to show a gain.
U.S. retail sales increased 0.5% in May, with broad-based gains, the Commerce Department said Friday. Economists polled by MarketWatch had forecast a solid 0.7% gain.
There was a big rise in auto sales, but retail sales excluding the sector rose 0.5%, the government said. . . . more