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Retail sales surge in May

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Retail sales surge in May

“Core” retail sales also beat expectations.

Retail sales remained increased 1.2% in May, according to data released by the Commerce Department today. This follows a flat reading in April and a 1.1% revised increase in March, which ended a three-month decline for the nation’s retailers. 

Analysts had expected a 1.1% increase in May.

Sales excluding autos, gasoline, building materials and food services, so-called “core retail sales,” increased 0.7% in May, compared to a revised 0.1% increase in April.

Analysts had expected a 0.5% increase in core retail sales.

The results give new hope that the US economy is finally shrugging off the sluggishness of the first quarter, which showed a contraction in GDP and lingering concerns about long-term growth potential. 

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