US retail sales rebounded by a record 17.7 per cent in May as American consumers began spending and states gradually reopened their economies following the pandemic lockdowns.
It was the biggest monthly gain on record, dating back to 1992. The rise surpassed the October 2001 reading of 6.7 per cent and followed a decline of 14.7 per cent in the previous month. It was also more than double economists’ expectations of an 8.2 per cent increase.
Sales of clothing and accessories, electronics and appliances, sporting goods, home furniture and motor vehicles all surged last month after steep declines in April.
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