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.
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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.