U.S. retail sales in May far exceeded forecasts, rising by the most in six-months and signaling faster economic growth.
Overall retail sales rose 0.8 percent from the prior month, double the consensus economic estimate of 0.4 percent, according to Commerce Department data released Thursday.
The retail “control group” sales, which excludes some of the more volatile numbers, rose 0.5 percent, which also exceeded forecasts.
The results likely reflect the high levels of consumer confidence, a very strong labor market, and lower taxes.
The Federal Reserve said yesterday that it would raise its target interest rate range by a quarter of a point, citing a strong labor market and other signs of economic expansion.