US retail sales beat expectations Finance and economics

US retail sales beat expectations

May revenues rose 0.1% month over month. Experts had expected an increase of 0.3%.

Posted today at 3:28pmUpdated 2 hours ago

The inflation rate reached 3.3% in April.

Photo: Drago/Bloomberg

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Sales at U.S. retailers rose only slightly in May. Revenues rose a scant 0.1% compared to the previous month, the US Commerce Department announced Tuesday in Washington. However, experts polled by Reuters expected a 0.3% increase, after a revised 0.2% decline in April. “Retail sales rose in May thanks primarily to increased car sales, while the monthly rate of change below that was negative and disappointing,” according to analysis by Helaba expert Ralph Rund. The decline in gasoline prices is likely to have a significant impact on gas station profits.

The US Federal Reserve is closely monitoring economic data to find the right time to cut interest rates. With the key interest rate in the current range of 5.25 to 5.5%, it is fighting inflation and is aiming for an inflation rate of 2%. Recently, the rate has increased significantly to 3.3%.

(Reuters) Production in the US manufacturing sector surprisingly rose strongly in May. The US Federal Reserve announced on Tuesday in Washington that total manufacturing, utilities and mining rose 0.9%. Experts polled by Reuters expected an increase of only 0.3%. Production stopped in April.

If we just look at manufacturing in the US industrial sector, there was also a 0.9% increase in May. Here too, experts were expecting an increase of just 0.3%, after a downwardly revised reading of 0.4% in April.

However, the pace of US manufacturing decline accelerated in May, according to an early indicator. The Purchasing Managers' Index fell by 0.5 points to 48.7 points, the Institute for Supply Management (ISM) recently announced in its monthly survey of companies. This was the second decline in a row. This means that the barometer widely used in financial markets has moved further away from the 50 mark, above which it indicates growth.

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