#RetailSales #EconomicTrends #USMarket
May Retail Sales Rise 0.1%, Weaker Than Expected
May retail sales rose by a mere 0.1%, falling short of the Dow Jones consensus estimate of a 0.2% increase. This modest growth indicates a sluggish start to the second quarter, following a decline in April.
The U.S. Census Bureau reported that advance estimates of retail and food services sales for May 2024 reached $703.1 billion, up 0.1% from the previous month and 2.3% above May 2023. Nonstore retailers saw a significant increase of 6.8% from last year, while food services and drinking places rose by 3.8%.
Experts at LSEG IFR Markets forecast a challenging development for Q2 U.S. retail sales, with overall and ex-autos sales anticipated to increase by only 0.2% in May 2024. The control group is expected to fare slightly better with a 0.4% rise, though this still reflects a sluggish start to the quarter following April’s 0.3% decline.
Original Article: https://www.cnbc.com/2024/06/18/retail-sales-report-may-2024-may-retail-sales-rise-0point1percent.html
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