US retail sales rose by 0.3% in May, surpassing market expectations of a 0.1% decline. Retail sales excluding autos also rose by 0.1% above expectations.
While these numbers are impressive, they were offset by the latest Jobless Claims data. As a result, the US dollar dropped modestly, with the DXY sliding below 103.00.
Highlights
The latest US Census Bureau data showed a 0.3% increase in retail sales for May, totaling $686.1 billion. This follows a 0.4% increase in April.
Additionally, the March 2023 through May 2023 period saw sales up 1.7% compared to the same period a year ago.
Of note, nonstore retailers saw an increase of 6.5% compared to last year and food services and drinking places saw an increase of 8.0% compared to May 2022.
The US dollar experienced a modest drop in response to US economic reports
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