Looks like this pandemic recovery is going swimmingly, with retail sales increasing the most they’ve ever increased in one month:
CNBC – Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again.
The 17.7% headline gain including food sales easily topped the previous record from October 2001 and beat the 8% estimate from economists surveyed by Dow Jones.
Retail sales alone powered 16.8% higher from a month ago, more than double the estimate of 8% from Dow Jones and reversing a 16.4% plunge from a month ago. Clothing and accessories stores reported the biggest percentage gain at 188% while sporting goods, hobby, musical instruments and book stores rose 88.2%.
The numbers added to an upbeat mood on Wall Street, with Dow futures most recently pointing to an opening gain of more than 900 points.
Trump was quick to celebrate the news with a tweet saying “Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%. Far bigger than projected. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!”
Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%. Far bigger than projected. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!
— Donald J. Trump (@realDonaldTrump) June 16, 2020
The one thing I didn’t see mentioned in the CNBC article is the fact that everyone (for the most part) got a big fat stimulus check from the government, and that the economy certainly appears stimulated. How much of that is attributable to the checks themselves may be hard to say, however we shouldn’t forget how much it cost us to make this stimulus happen. I just hope it continues and doesn’t fall flat in the coming months.