Bloomberg: Retail sales edge up 0.4% in May
New York – Initial Bloomberg estimates indicate US retail sales edged up 0.4% last month, with growth in the job market spurring increased consumer willingness to spend money. The projected increase is the largest in three months and follows smaller increases of 0.1% in April.
Bloomberg cited Retail Metrics figures on May same-store increases at 10 U.S. retailers including a 7% gain at Gap Inc., almost double the 3.7% hike expected by economists, and a 3% increase at L Brands. The Commerce Department will release its official retail sales report on June 13.