WMT - The Winners and Losers From the May Retail Sales Report
May retail sales numbers were much better than expected, sending stocks higher on Tuesday.
Overall retail sales rose 17.7% from April according to the Census Bureau, but were down 6.1% from a year ago, showing that while the economy is recovering, there is still work left to do. That was more than double the 8.4% growth that economists had expected, however.
The monthly retail sales report is closely watched even in a normal economy, as it offers a detailed look at consumer spending. But during the pandemic the monthly numbers have become especially important, as normal shopping habits have been turned upside by stay-at-home orders, social distancing, and general fears of the virus.