Retail sales exceeded expectations in May due to high energy costs
According to the Department of Commerce, sales rose 0.9% from April, reaching $763.7 billion.
File photo of retailers
Retail sales exceeded expectations in May, government data showed Wednesday, driven by higher spending at gas stations, as energy costs remained high amid the fallout from the war in the Middle East.
According to the Department of Commerce, sales rose 0.9% from April, reaching $763.7 billion.
This increase was greater than the 0.5% rise expected by economists surveyed by Dow Jones Newswires and The Wall Street Journal.
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According to the report, as summarized by AFP, total sales in May rose by 6.9% compared to the previous year.
According to the data, supermarket sales remained stable in May, while consumers cut back on spending at restaurants and bars.
Sales at gas stations
U.S. consumers have been a major driver of the world’s largest economy and have continued to spend even as prices rose.
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