A stunning retail rebound.
Americans emerging from lockdown went shopping with a vengeance in May, driving retail sales up a staggering 17.7% as several million people went back to work and states began to reopen their economies.
That's a new single-month record, more than double the previous record increase back in 2001.
And it's also more than twice what economists had been expecting.
Autos helped drive the snapback in sales as dealer showrooms reopened their doors.
Americans also loaded up on building materials, gas, electronics, clothing and furniture.
Still, as big as May's gains were, it recoups only a fraction of the record back-to-back sales declines of the previous two months when Americans were ordered to stay at home.
The U.S. economy sank into a recession in February.
But a surprising increase in payrolls in May supports the view that the economy may be on the mend.
The robust retail data sent investors shopping for stocks, driving the Dow up nearly 850 points Monday morning.
💡 One News Page Knowledge: Other News Mentions
Crisis containment makes Europe alluring: strategist
Credit: Reuters Studio Duration: 05:21Published
Uber rides plunge but food delivery doubles
Credit: Reuters Studio Duration: 01:21Published
Trim exposure to Apple, Microsoft: strategist
Credit: Reuters Studio Duration: 04:46Published
Bezos sells Amazon shares worth $3.1 bln
Credit: Reuters Studio Duration: 01:08Published
Nasdaq surges on megacap earnings
Credit: Reuters Studio Duration: 01:27Published
Stocks little changed with eyes on virus
Credit: Reuters Studio Duration: 01:39Published
Dow Surges 557 Points
Credit: Wochit News Duration: 00:38Published
Stocks mostly fall on COVID-19 concerns
Credit: Reuters Studio Duration: 01:19Published
Stock rally takes a pause as new COVID-19 cases spike
Credit: Reuters Studio Duration: 01:47Published
You Might Like
Related news from verified sources
Tweets about this
Related videos from verified sources