May Retail Sales Surged 17.7 Percent The U.S. Commerce Department revealed the increase on Tuesday.
According to consensus estimates from Refinitiv, sales were only expected to climb 8 percent from April.
Online sales continue to grow amid COVID-19, even as some states begin the process of reopening businesses.
According to NPR, people were spending their money in May on the following: Clothing and accessories stores: +188 percent Furniture stores: +89.7 percent Sports, music and other hobby stores: +88.2 percent Electronic stores: +50.5 percent Department stores: +36.9 percent Restaurants and bars: +29.1 percent Gas stations: + 12.8 percent Online retailers: +9 percent Big-box stores: +6 percent Grocery stores: +1.3 percent According to NPR, the Federal Reserve estimates that the unemployment rate will remain at more than 9 percent by the end of 2020.
Economist Jack Kleinhenz, via NPR