Retail sales jumped record 18% as economy rebounded from coronavirus shutdown in May
by Jay Heflin, Business Editor |
| June 16, 2020 08:31 AM
Retail sales increased 18% in May, the U.S. Census Bureau reported on Tuesday, as states reopen their economies.
Economists predicted that sales would rise 7.4%.
Last month’s jump in sales beats the previous record set in 2001, when retail sales increased 6.7% in October as people resumed shopping after 9/11.
May’s increase comes on the heels of retail sales contracting a record 14.7% in April and 8.3% in March.
Sales for brick-and-mortar stores were up 16.8%, while sales at non-store retailers skyrocketed nearly 31% last month.
The biggest gains were in clothing and clothing accessories stores, which had a 188% increase in sales.
Another big winner was the furniture and home furnishing sector, which experienced a nearly 90% increase in sales.
Restaurants and bars, mostly shuttered in March, saw a 29.1% increase in sales.
Grocery stores improved little, having a 1.3% increase in sales last month.
https://www.washingtonexaminer.com/news/retail-sales-jump-a-record-17-7-as-the-economy-rebounds-from-coronavirus-shutdown
