Retail Sales Rise Less Than Expected
Reuters reported that U.S. retail sales rose less than expected in May and first-time applications for jobless benefits increased last week, but the data did little to alter views the economy is regaining steam.
Reuters said, according to the Commerce Department, that retail sales gained 0.3%, which was below the 0.6% rise expected on Wall Street. However, Reuters notes, April sales were revised higher to show a 0.5% increase, helping to keep growth forecasts intact.
Reuters quotes an economist at TD Securities as saying, “The continued gains during the first two months of the second quarter suggests that consumers are continuing to hold their side of the bargain, building on the strong momentum at the end of the last quarter.”
To read the full Reuters report, click here.