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US retail sales rise 0.5% in May US retail sales rise 0.5% in May
(10 minutes later)
Retail sales in the US are growing after two months of decline.Retail sales in the US are growing after two months of decline.
The Commerce Department said sales in May rose 0.5% from the same period last year. The drop in April was revised lower, to 0.2% from 0.4%.The Commerce Department said sales in May rose 0.5% from the same period last year. The drop in April was revised lower, to 0.2% from 0.4%.
Much of the increase was driven by sales at petrol stations, which in part reflects higher gasoline prices as oil has increased.Much of the increase was driven by sales at petrol stations, which in part reflects higher gasoline prices as oil has increased.
The May increase, following two months of declines, could add to signs that the worst of the recession has passed.The May increase, following two months of declines, could add to signs that the worst of the recession has passed.
"It is hard to see the recent rebound in confidence translating into extra spending," said Paul Dales, an economist at Capital Economics. "A meaningful consumer recovery remains some way off.""It is hard to see the recent rebound in confidence translating into extra spending," said Paul Dales, an economist at Capital Economics. "A meaningful consumer recovery remains some way off."
Car sales rose by 0.5% last month. Even with the gain, sales are still over a fifth below where they were at the same point a year ago.Car sales rose by 0.5% last month. Even with the gain, sales are still over a fifth below where they were at the same point a year ago.
The ailing US carmakers have stepped up their incentives to attracted buyers. Two of the three biggest US car companies, General Motors and Chrysler, have filed for bankruptcy this year.
Sales were up at grocery stores and and health stores, offsetting a 0.2% drop at department stores and large retailers such at Costco, Target and Wal-Mart.
May's increase was the biggest monthly increase since a 1.7% rise in January. That followed six consecutive months of declines.