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US Retail Sales Exceed Expectations

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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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Author

  • Phyllis Wangui

    Phyllis Wangui is a Financial Analyst and News Editor with qualifications in accounting and economics. She has over 20 years of banking and accounting experience, during which she has gained extensive knowledge of the forex, stock news, stock market, forex analysis, cryptos and foreign exchange industries. Phyllis is an avid commentator on these topics and loves to share her insights with others through financial publications and social media platforms.

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