U.S. retail sales climbed 0.8% in May, and surged 0.9% excluding autos
U.S. retail sales climbed 0.8% in May, and surged 0.9% excluding autos. The 0.2% increase in April sales was revised to 0.4%, and the 0.3% ex-auto rise was bumped to 0.4%. Sales excluding autos, gas, and building materials (which factors into GDP forecasts) increased 0.6% from 0.4% (revised from 0.3%). Motor vehicle and parts sales were up 0.5% from 0.2% previously (revised from 0.1%). Gas station sales jumped 2.0% after the prior 1.0% increase (revised from 0.8%). Building materials climbed 2.4% after dropping 0.8% previously (revised from 0.4%). Clothing sales increased 1.3%, with department sales 1.5% higher. Sporting goods sales declined 1.1%. This is a stronger than expected report and adds to expectations for a strong pick up in Q2 GDP.