Skip to comments.U.S. retail sales surge in May; weekly jobless claims fall
Posted on 06/14/2018 7:17:38 AM PDT by Red Badger
Business News June 14, 2018 / 7:34 AM / Updated an hour ago U.S. retail sales surge in May; weekly jobless claims fall Lucia Mutikani
5 Min Read
WASHINGTON (Reuters) - U.S. retail sales increased more than expected in May as consumers bought motor vehicles and a range of other goods even as they paid more for gasoline, the latest indication of an acceleration in economic growth in the second quarter. FILE PHOTO: A woman shops at an H&M store in New York City, U.S. December 23, 2017. REUTERS/Stephanie Keith/File Photo
Other data on Thursday showed a further tightening in labor market conditions, with first-time applications for unemployment benefits unexpectedly falling last week and the number of Americans on jobless rolls declining to a near 44-1/2-year low.
The reports came a day after the Federal Reserve raised interest rates for a second time this year and offered an upbeat assessment of the economy. The U.S. central bank described economic activity as rising at a solid rate and the labor market as continuing to strengthen. The Fed forecast two more rate hikes in the second half of 2018.
In short, the Fed was right to upgrade its assessment of economic growth to solid in yesterdays statement, said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.
The Commerce Department said retail sales jumped 0.8 percent last month, the biggest advance since November 2017. Data for April was revised up to show sales rising 0.4 percent instead of the previously reported 0.2 percent gain.
Economists polled by Reuters had forecast retail sales rising 0.4 percent in May. Retail sales in May increased 5.9 percent from a year ago.
(Excerpt) Read more at reuters.com ...
I’m shocked. Are you telling me that people and businesses keeping more of the money they earned will actually help the economy? Why didn’t anyone think of this in the last administration? ;-)
LMFAO @ Big Pathetic Media!
Remember, outside of the New York City, Los Angeles, San Francisco and Seattle areas, the US economy was in a funk during the Obama years. Now, everybody is starting to really do better.
There's that same old line again from the biased media. No, its not unexpected at all.
It really has been an incredible turn-around. One that has far exceeded the hopes of most of us and he is only 500 days in. Just think what he will be able to do if he captures a more pro-MAGA congress this fall! It is certainly possible - the economic indicators continue to improve each month and more and more Americans are giving him the credit he deserves.
The elites want us to think that its better for the government to keep our hard earned money. That way, they can spend it to benefit themselves and their political friends.
That’s why they hate the Trump tax cuts so much. They are losing power and control.
Reminds me of the eunuchs in “The Last Emperor” who was stealing the kingdom blind in the name of serving the emperor, until they had to be forcibly ejected from the Forbidden Palace. We need to do the same with these ball-less PoS so-called elites from the swamp.
I really don’t think much will change after the Horowitz report. It will all be forgotten in a week’s time.
The Deep State is still comfortably ensconced in DC. Until their nest is broken up nothing will change.
Not Upstate NY. But that's NOT Trump's fault. It's Albany's and our local pols.
Good news for America is bad news for stinkin democrats and other liberals.
They will create something to complain about.
Just like big increases in tax revenues from Trump’s actions will come “unexpectedly.”
Thank you President Trump!
“Remember, outside of the New York City, Los Angeles, San Francisco and Seattle areas, the US economy was in a funk during the Obama years. Now, everybody is starting to really do better.”
I would add Washington DC to your list. I would also state that beside the tremendous government $$ investment in those cities you site above, there is a tremendous “underground” economy for all those areas that is funded by illeagal and globilist policies. Thanks for posting!
obama’s 2009 infrastructure “investment” finally kicking in!
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