Retail Sales Up a Surprising 1% in May
Buoyed by tax rebate checks from Uncle Sam that arrived
in their mailboxes, consumers flocked to the stores to stock
up on necessities and other items, pushing retail sales up
in May by the largest amount in six months. The Commerce
Department reported that retail sales grew 1% in May, which
offset the gloom from rising unemployment, a protracted
housing slump and soaring fuel prices. That followed a
revised 0.4% sales increase in April, which originally was
reported as a 0.2% decline.
Sales at general merchandise stores, which includes
department stores and discounters, climbed 1.2% in May, the
biggest gain since March 2007. Gasoline station sales
advanced 2.6%, reflecting dramatic price increases at the
pump. But, excluding gasoline sales, retail sales still grew
a healthy 0.8%. Auto sales grew 0.3%, a rebound from a 2.1%
drop in April. Sales at furniture and home furnishings
chains grew 0.4%; sales at apparel chains rose 0.5%; food
and beverage sales increased 0.4%; sales at electronics and
appliance stores climbed 0.7%; building materials and garden
supply sales jumped 2.4%; and sales at sporting goods,
hobby, book and music stores advanced 0.7%.
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Date Last Updated: 06/13/2008 |
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