Celebrating 10 Years of Trusted News Discovery
One News Page
> >

US retail sales rose 0.5% in May, led by online shopping Friday, 14 June 2019
WASHINGTON (AP) — Americans stepped up their retail spending last month, a sign that recent worries about cautious consumers dragging on growth may have been overdone.

The Commerce Department said Friday that retail sales rose 0.5% in May, after a smaller gain of 0.3% in the previous month. April's figure was revised up from an earlier estimate that had showed a decline.

The report suggests that American consumers are still spending at a healthy pace, even as the stimulus from tax cuts fades. In June, the economy reached its 10th year of expansion, tying the 1990s as the longest on record. Measures of consumer confidence, after stumbling this spring amid the ongoing U.S.-China trade war, have returned to nearly 19-year highs.

The figures also lessen pressure on the Federal Reserve to cut short-term interest rates. Other recent data, such as weak job growth in May and choppy consumer spending earlier this year, has led most economists to expect at least one or two cuts this year.

"The consumer didn't fall by the wayside," David Berson, chief economist at Nationwide Financial, said. "The concerns that the economy is really slipping dangerously are overstated at this point."

Retail sales had been uneven earlier this year, making it harder for economists to get a handle on consumer spending. But with April's revision, sales have now increased for three straight months. And with the unemployment rate at a five-decade low of 3.6% and wage gains easily outpacing inflation, consumer spending will likely keep growing this year.

Sales at electronics stores jumped 1.1% and rose 0.7% at auto dealers. Sales in a category that mostly includes online retailers rose 1.4%.

Still, the economy is forecast to slow in the April-June quarter, expanding at roughly a 2% annual pace or...
Credit: Reuters - Business (Amazon FireT - Published < > Embed
News video: Retail: Zara shakes off currency drag; Boohoo bucks market

Retail: Zara shakes off currency drag; Boohoo bucks market 01:20

Despite mounting pressures on the retail sector, Spanish fashion giant Inditex has reported a 10% rise in first-quarter profit, as foreign currency effects moved back into its favour. And, as David Pollard reports, British online fashion group Boohoo defied a tough market with robust sales growth.

You Might Like

Recent related videos from verified sources

Is Now 'Prime' Buying Season for Amazon Stock? [Video]Is Now 'Prime' Buying Season for Amazon Stock?

Amazon is Real Money's Stock of the Day. The internet giant's fifth annual Prime Day event began this morning at 12 am PST and will run for 48 hours this year, 12 hours longer than last year's 36..

Credit: The Street     Duration: 01:09Published

From Catalogs to Catastrophe: A Sears Timeline [Video]From Catalogs to Catastrophe: A Sears Timeline

As Sears Holdings Corp. , the parent of Sears and Kmart, follows CEO Eddie Lampert down the fiery road to what will likely be its ultimate demise, remember that the brick-and-mortar once had better..

Credit: The Street     Duration: 01:26Published

Amazon Prime Day Gets Underway [Video]Amazon Prime Day Gets Underway

This year, the online retail giant has some competition from Walmart, Best Buy, Target and eBay.

Credit: CBS 2 New York     Duration: 00:22Published

5 Ways Millennials Are Ruining Brick-and-Mortar Stores [Video]5 Ways Millennials Are Ruining Brick-and-Mortar Stores

Millennials aren't the cause of the retail apocalypse, but their shopping habits are certainly changing the way companies are adapting their business practices to fit the generation's needs. Here are..

Credit: GOBankingRates     Duration: 01:00Published

Recent related news from verified sources

Amazon Prime Day 2019 scams plague online shoppers looking for best deals

Amazon Prime Day 2019 scams plague online shoppers looking for best deals
Amazon Prime Day has become a magnet for online shoppers seeking out the best deals from one of the world's biggest sales events, though cyber security experts...

German Supermarket Chain Lidl Is Marrying The Last-Mile Of Offline And Online Shopping

German food retail chain Lidl has announced a cooperative agreement with Deutsche Post DHL Group to add 500 DHL Packstations to Lidl stores this year in an...

Other recent news in Business

Deals, protests during Amazon PRIME DAYAMAZON PRIME DAY Deals & Scams To Look Out For
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.