US retail sales increased in May

The US Department of Commerce announced retail sales data for May.

Consequently, retail sales increased 0.3 percent compared to the previous month of May, reaching $686.6 billion. Market expectations were for retail sales to decline 0.1 percent per month in this period. Retail sales also rose 0.4 percent in April.

Retail sales in the country rose 1.6 percent on-year in May. Expectations were for retail sales to rise 2.2 percent on-year in that period. Retail sales rose 1.2 percent on-year in April.

On the increase in retail sales last month; The increase in sales in stores where construction materials and garden equipment are sold, and in stores where automobiles and spare parts are sold, stood out.

In said period, sales also increased in establishments that provide food and beverage services, general goods stores, furniture stores, food and beverage stores, sporting goods, hobby items and bookstores, and electronics stores. Sales at gas stations, on the other hand, decreased in this period.

Analysts said the data showed consumer spending remains resilient despite high inflation and high interest rates. (AA)