US retail sales rise past forecasts in May thanks to revisions
US retail sales rose more quickly than expected last month, amid upwards revisions to readings for the previous month.
According to the Department of Commerce, in May retail sales volumes grew by 0.5% month-on-month on a seasonally adjusted basis to reach $519.02bn.
Economists had penciled-in a bigger increase, of 0.6%, but April's estimate was revised sharply higher alongside, from -0.2% to 0.3%.
Versus a year ago, retail sales volumes were 3.2% higher.
Excluding automobiles, retail sales were 0.5% stronger than in April, as expected, while April's print was marked-up from 0.1% to 0.5%.
Sales were strongest among motor vehicles and parts dealers, electronics and appliance stores, health and personal care stores, sporting goods outlets and non-store retailers.
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