U.S. Economy: Retail Sales Decreased Less Than Forecast in May

Sales at U.S. retailers fell less than projected in May, showing consumers were weathering elevated gasoline costs.

The 0.2 percent decrease reported by the Commerce Department in Washington today compared with the median forecast for a 0.5 percent drop in a Bloomberg News survey of economists. Excluding the biggest slide in auto sales in more than a year, purchases climbed 0.3 percent. Another report showed wholesale costs rose last month.

Stocks rallied on bets household demand, which accounts for about 70 percent of the U.S. economy, will improve as energy prices recede and the auto industry rebounds from the disaster in Japan. Chains including Limited Brands Inc. missed analysts’ estimates for May as fuel costs climbed to the highest level in almost three years and unemployment topped 9 percent.

Read Full Article from Bloomberg

- Posted: 2011-06-14 13:31:10

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