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%).
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.
justsayin / June 17, 2020
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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