The volume of retail sales in the US in May grew stronger than forecasts - Ester Holdings

The volume of retail sales in the US in May grew stronger than forecasts

Investing.com – The report on Thursday showed that retail sales in the US in May rose for the third month in a row, boosting optimism about the US economy and supporting the US central bank’s intention to increase the number of interest rate increases this year.

According to the report of the US Department of Commerce, in comparison with the previous month, the volume of retail sales in the US in May rose by 0.8%, which was significantly higher than the forecasted growth rate of 0.4%.

The growth in retail sales for April was revised upwards to 0.4% compared to the initial growth of 0.3%.

The increase in retail sales indicates economic growth, and a decline in economic decline.

The base retail sales index (excluding car sales) increased by 0.9% in May against the projected growth of 0.5%. In April, the base retail sales index increased by 0.4%.

The basic index of retail sales corresponds to the component of consumer spending in the calculation of gross domestic product. Consumer spending accounts for 70% of US economic growth.

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