Retail Sales Rise More Than Forecast as U.S. Consumers Spend

[Purveyor]

Source: Bloomberg

Retail sales rose more than forecast in May, showing consumer spending will help boost economic growth in the second quarter.

The 0.5 percent increase in purchases followed a 1.3 percent jump the previous month that was the biggest gain in a year, Commerce Department figures showed Tuesday in Washington. The median forecast of 81 economists surveyed by Bloomberg projected a 0.3 percent advance. Excluding purchases of autos and gasoline, sales climbed 0.3 percent.

Steady gains in consumption will help the economy accelerate from a soft patch at the start of the year, bolstering forecasts by Federal Reserve officials that the slowdown would prove temporary. A pickup in wages generated by continued increases in employment will help ensure households remain a mainstay of the economic expansion.

“This is a very strong spring quarter for consumer spending,” said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh and the best forecaster of retail sales over the past two years, according to data compiled by Bloomberg. It adds to evidence that the economy “is bouncing back pretty solidly.”

Read more: http://www.bloomberg.com/news/articles/2016-06-14/retail-sales-rise-more-than-forecast-as-u-s-consumers-spend

[Sunlei]

1. Lots of people vacationing this year too. Some States like Colorado have record high tourist revenue

The common refrain among businesses along Colorado’s recreation-rich Interstate 70 mountain corridor over the past few years is “record breaking.”

Soaring numbers of visitors are swelling private and public coffers in both summer and winter. Tourist-generated tax revenues are reaching peaks. The recreation season now stretches for almost 12 months with more opportunities for year-round play than ever before.

[EX500rider]

2. It's my fault....I bought a bunch of stuff...

[Purveyor]

3. You and that damned gun I bought 2 weeks ago...