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Free AccessMNI DATA IMPACT: US May Retails Record +17.7% Vs Forecast 8%
By Brooke Migdon
WASHINGTON (MNI) - U.S. retail sales rebounded a record 17.7% in May
reflecting business re-openings after Covid-19 shutdowns, the Commerce
Department said Tuesday.
The increase doubled the Bloomberg estimate of 8% and follows a 14.7% drop
in April that was the weakest in records dating back to 1992.
Clothing and clothing accessory sales increased 188% according to the St.
Louis Fed. Apparel retailers re-opened in May after being unable to sell to
consumers in April.
Other notable increases came from furniture (+89.7%), sporting goods
(+88.2%), and electronic and appliance stores (+50.5%). No major industry group
registered a month-over-month decline, according to the Commerce Department.
Gas station sales increased for the first time since January, growing by a
record 12.8% after reaching an all-time-low in April. Analysts interviewed by
MNI said gas station sales should increase steadily as coronavirus restrictions
are rolled back. Vehicle sales increased by 44.1%, the largest monthly gain on
record. Sales excluding motor vehicles increased 12.4% and sales excluding motor
vehicles and gas stations were also up 12.4%.
Sales from food services and drinking places rose 29.1% in May as
restaurants in many states were permitted to open at reduced capacity. Food and
beverage store sales increased relatively modestly by 2.0% and grocery store
sales posted a 1.3% gain.
Non-store retailers, referring to digital stores and mail-order purchases,
increased by 9.0% in May, falling short of April's 9.5% increase that was the
largest since January.
--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com
[TOPICS: MAUDS$,M$U$$$,MT$$$$]
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Why MNI
MNI is the leading provider
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