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