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Thursday, August 6, 2020
HomeNewsEconomyAdvance Retail Sales Soar 17.7% in May, Largest Monthly Gain Ever

Advance Retail Sales Soar 17.7% in May, Largest Monthly Gain Ever

Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)

Retail Sales Indicate ‘V-Shape’ Recovery After Coronavirus Lockdowns

Washington, D.C. (PPD) — The U.S. Census Bureau reported advance retail sales came in at $485.5 billion in May, soaring a record 17.7% (± 0.5%) and recovering more than the loss in April. While still down 6.1% (± 0.7%) from the year-ago level, it’s the largest monthly gain ever on record and far better than economists expected.

Forecasts ranged from a low of 2.3% to a high of 12.2%. The consensus forecast was 7.5%. The month of April was revised from down 16.4% (± 0.5%) to down 14.7% (± 0.2%).

Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)
Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)

Forecasts for retail sales less auto ranged from a low of 0.4% to a high of 8.6%. The consensus forecast was 5.2%. The advance estimate for May came in far higher at 12.4%.

Forecasts for retail sales less auto and gas ranged from a low of 0.3% to a high of 5.0%. The consensus forecast was 4.0%. The advance estimate for May also came in at 12.4%, far higher than expected.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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    The increase compares May to April. But many, many stores were closed in April. Of course sales will increase as more stores open. Like more cases of COVID-19 will be found as testing increases.

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