US retail sales unexpectedly rose in May as consumers bought more motor vehicles and a range of other goods, which could help support the economy this quarter, though rising layoffs could hamper consumer spending later in the year
While other data on Thursday showed first-time applications for state unemployment benefits holding steady last week at more than a 1-1/2-year high, indicating layoffs could be rising, economists continued to view the labor market as tight.
Retail sales increased 0.3% last month after rising 0.4% in April, the Commerce Department said. Economists polled by Reuters had forecast sales would slip 0.1%. Sales increased 1.6% year-on-year in May. "We should stop counting out consumers' spending desire and potential," said Mike Graziano, senior consumer products analyst at RSM US.
"Higher interest rates haven't tamped down consumer demand enough to meaningfully slow price growth, especially on the services side of the economy," said Ben Ayers, senior economist at Nationwide in Columbus, Ohio. "These hot trends for consumers could led to another interest rate hike by the Fed in July."People ride escalator at Saks Fifth Avenue in New York City, U.S., December 4, 2022.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at its fastest pace in nearly two years in the first quarter, offsetting the drag on GDP growth from a sharp inventory slowdown. The economy grew at a 1.3% annualized rate last quarter. The Atlanta Fed is currently estimating GDP will rise at a 1.8% pace in the second quarter.
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