"It's too much, too fast! You can't overheat the economy, pal!"
"People have to learn how to wear their masks first!"
Posted on 06/16/2020 6:16:04 AM PDT by lasereye
U.S. retail sales surged the most on record last month, the Commerce Department said Tuesday, as millions of Americans returned to work following weeks of coronavirus-triggered lockdowns that shuttered the world's largest economy.
Retail sales rose 17.7% in May, the Commerce Department said, well ahead of the 8% forecast and well ahead of the downwardly-revised April reading of -14.7%. The so-called retail control reading, which strips out volatile auto, gas, building material and food services sales, was marked 11% higher in May, more than double the Street consensus forecast.
The gains mimic those seen in last month's payroll report, which showed a record 2.5 million Americans returned to work last month as businesses and factories around the country began the slow process of re-starting activity following weeks of coronavirus shutdowns.
U.S. equity futures surged higher after the release, alongside a report that suggested that U.K. scientists have found a 'major breakthrough' in treating coronavirus patients with the steroid dexamethasone.
Futures contracts tied to the Dow Jones Industrial Average priced for a 1,000 point opening bell gain, while those linked to the S&P 500, which clawed back its month-to-date losses with a late-hour rally yesterday, indicate an 98 point advance for the benchmark. Contracts linked to the Nasdaq suggest 227 point gain for the tech-focused index.
Auto and car part sales lead the headline gain, the report said, rising 44.1% compared to the April decline of 12.3%. Gasoline sales also impressed, rising 12.8% even as pump prices neared $2 a gallon in the wake of OPEC production cuts and rising global crude prices.
I mean: economists were predicting half as much of an increase.
Capitalism always finds a way.
Uh, oh! I can see the Democrat “second wave” of virus stats coming to trash the economy again.
More bad news for Lefties...
The media, Joe Biden, and Black Lives Matter hardest hit.
fortunate for us, no one will note the money is inflated dollars.
...
Good! Be smart. Take precautions, and keep on working.
I think you meant to say the number was TWICE what they were expecting, not half.
Haha. You fixed it.
The Dems are deeply saddened.
WOOT ON DEMAND
Republican economists have sent a letter to Trump urging a halt to more spending. They suggest a payroll tax cut instead. The democrats are pumping for more spending.
Now, they once again are able to, and there are some who are surprised at this, still.
Now, they once again are able to, and there are some who are surprised at this, still.
Dems crying in their beer in smokey back rooms: good news for the economy and American workers and families is bad news for the Dems
Does this include all the free stuff that was looted by BLM?
They are going to make deals with the devil to get another shut down. Heck, impeaching Trump again, for not listening to his doctors and shutting down the economy is not out of the question.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.