Retail sales up strong 0.9% in May
Shoppers stepped up their spending in May and surpassed expectations as temperatures warmed and gasoline prices leveled off. Retail sales rose 0.9%, up from a revised 0.4% gain in April, according to Commerce Department data released Wednesday. Sales got a boost from generous government tax refunds in both April and May, though economists say that cash cushion is starting to fade. Excluding sales at gas stations, retail sales in May rose 0.7%. The figures aren’t inflation-adjusted so higher prices likely helped boost sales. But economists point to healthy spending with increases ...
