United Kingdom  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

US retail sales rose 0.5% in May, led by online shopping

SeattlePI.com Friday, 14 June 2019
WASHINGTON (AP) — Americans stepped up their retail spending last month, a sign that recent worries about cautious consumers dragging on growth may have been overdone.

The Commerce Department said Friday that retail sales rose 0.5% in May, after a smaller gain of 0.3% in the previous month. April's figure was revised up from an earlier estimate that had showed a decline.

The report suggests that American consumers are still spending at a healthy pace, even as the stimulus from tax cuts fades. In June, the economy reached its 10th year of expansion, tying the 1990s as the longest on record. Measures of consumer confidence, after stumbling this spring amid the ongoing U.S.-China trade war, have returned to nearly 19-year highs.

The figures also lessen pressure on the Federal Reserve to cut short-term interest rates. Other recent data, such as weak job growth in May and choppy consumer spending earlier this year, has led most economists to expect at least one or two cuts this year.

"The consumer didn't fall by the wayside," David Berson, chief economist at Nationwide Financial, said. "The concerns that the economy is really slipping dangerously are overstated at this point."

Retail sales had been uneven earlier this year, making it harder for economists to get a handle on consumer spending. But with April's revision, sales have now increased for three straight months. And with the unemployment rate at a five-decade low of 3.6% and wage gains easily outpacing inflation, consumer spending will likely keep growing this year.

Sales at electronics stores jumped 1.1% and rose 0.7% at auto dealers. Sales in a category that mostly includes online retailers rose 1.4%.

Still, the economy is forecast to slow in the April-June quarter, expanding at roughly a 2% annual pace or...
Credit: Reuters - Business (Amazon FireT - Published < > Embed
News video: Retail: Zara shakes off currency drag; Boohoo bucks market

Retail: Zara shakes off currency drag; Boohoo bucks market 01:20

Despite mounting pressures on the retail sector, Spanish fashion giant Inditex has reported a 10% rise in first-quarter profit, as foreign currency effects moved back into its favour. And, as David Pollard reports, British online fashion group Boohoo defied a tough market with robust sales growth.

Recent related videos from verified sources

As online shopping increases, Colorado cities look for a way to collect the correct sales tax [Video]As online shopping increases, Colorado cities look for a way to collect the correct sales tax

As more Coloradans turn to the computer to buy everything from furniture to food, online shopping has created an interesting question for some cities: Are they losing out on sales tax revenue?

Credit: 7News - The Denver Channel     Duration: 02:11Published

Best Ways To Save Money Online Shopping [Video]Best Ways To Save Money Online Shopping

Best Ways To Save Money Online Shopping

Credit: Wochit Business     Duration: 00:40Published

You Might Like

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.