May retail sales beat estimates
Published 5:00 am Friday, June 14, 2013
Retail sales improved in May as thawing temperatures and more cheerful shoppers caused a boost at car dealerships and home improvement stores, according to government figures.
Last month, the gauge rose 0.6 percent from April to $421.1 billion in sales — a 4.3 percent increase from the same period a year earlier, the Commerce Department said.
Wall Street had expected a 0.4 percent month-to-month swell. In April, sales had increased 0.1 percent from March and 3.7 percent from the prior year.
The data, which the government adjusted for seasonal and holiday variations, showed a 1.8 percent month-to-month surge in auto sales. It was the largest upswing since November.
Economists said promising employment numbers along with stock market strength and rising home prices may have encouraged more consumer confidence in May.
Consumers in the grip of spring fever also rushed out to stores offering building materials and garden equipment and supplies, pushing sales up 0.9 percent. Online sales got a 0.7 percent boost.
“In spite of fluctuating gas prices, severe weather in much of the country and fiscal policy uncertainty, consumers continue to demonstrate an inherent resiliency and flexibility,” said Matthew Shay, chief executive of the National Retail Federation trade group, in a statement.