Retail sales rose more than expected in May, showing consumer spending will help boost economic growth in the second quarter.
The 0.5 percent increase purchases followed a 1.3 percent jump in the previous month was the biggest gain in a year, figures from the Commerce Department showed Tuesday in Washington . The median forecast of 81 economists surveyed by Bloomberg expected an advance of 0.3 percent. Excluding car purchases and gasoline, sales were up 0.3 percent.
constant consumption gains will help the economy to accelerate from a soft patch earlier this year, reinforcing forecasts by officials from the Federal Reserve that the slowdown would be temporary . A pick-up in wages generated by the continuous increase in employment will help to ensure households remain a pillar of the economic expansion.
"This is a very strong spring quarter for consumer spending," said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh and the best forecaster of retail sales in the two recent years, according to data compiled by Bloomberg. He adds to evidence that the economy "rebounded quite strongly."
estimates of the Bloomberg survey ranged from gains of 0.1 percent to 0, 7 percent. data on retail sales for March and April were unrevised.
based-Broad Gain
Nine 13 categories showed an increase in demand in May compared to the previous month, led by a jump of 1.3 percent in non-store retailers, which include online merchants. sales also increased by 1, 3 percent at sporting goods stores and 0.8 percent in clothing stores, marking the largest increase since November.
salesauto dealers rose 0.5 percent in May after jumping 3.1 percent the previous month. This is more or less in line with earlier this month figures showed US vehicle sales were little changed in May from the previous month.
The revenue service stations rose 2.1 percent last month, the retail sales report showed. Data on retail sales of Commerce are not adjusted for price, so the higher fuel costs may increase the filling station revenues. The cost of an average gallon of regular gasoline was $ 2.38 as of June 10, the highest level since September.
The figures used to calculate gross domestic product, which exclude categories such as food services, car dealers, home- renovation stores and service stations, increased 0.4 percent in May after rising 1 percent the previous month, which was the biggest advance in two years.
growth forecasts
economists rely on households to lead a rebound in the US after the first quarter growth has been hampered by the growth in consumption and a slowdown in business investment slows. Analysts surveyed by Bloomberg from June 3rd to 8th June saw the escalating growth at an annualized rate of 2.5 percent in the second quarter after a 0.8 percent pace in the first three months of the year.
tabsFed policy makers are to keep on growing as they determine when their next increase in interest rates is appropriate. weak payroll report of May led many economists to conclude that an increase at the June meeting of the Fed, which will take place on Tuesday and Wednesday would be unlikely.
Another report on Tuesday showed inflation was beginning to stir. The cost of imported goods in the US rose 1.4 percent in May, the biggest gain in four years, according to data from the Labor Department.
While the advance was paced by a 16.2 percent rise in fuel costs was the largest since 1999, prices of other items were also beginning to strengthen. Imports non-fuel cost 0.3 percent more last month, the biggest gain since March 2014.
Bloomberg
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