May Retail Sales Surged 17.7 Percent

May Retail Sales Surged 17.7 Percent

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