may retail sales
The 17.7% headline gain including food sales … By early afternoon, the market had sprung back, with the S&P 500 ending the day up 1.9 percent.Economists had expected a rebound from April, when widespread business closures drove retail sales to their lowest level since 2013, though the gain was greater than some had expected.After more than a month of quarantine, May brought a tentative restart of brick-and-mortar retailing across most of the country, with major chains like Macy’s and Gap reopening hundreds of stores. The shopping bore little resemblance to the leisurely, enjoyable experience that malls typically promote on their websites and in ads.And even if shoppers are beginning to venture out again, the pandemic has already pushed many major names To that end, outlet malls and other retailers in open-air spaces may be better off than indoor malls as Americans readjust to the new norms of shopping. And many of the stores and restaurants that welcomed back customers last month did so with fewer employees, reflecting a permanently altered retail landscape and an ominous sign for the labor market.“I think a lot of it is lockdown fatigue,” said Beth Ann Bovino, chief U.S. economist at S&P Global. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Retail sales surge 17.7% for May in the biggest monthly jump ever Changing rooms are closed in many places, forcing shoppers to approximate sizes and inevitably generating more returns. Gap, which owns Banana Republic, Old Navy and Athleta, said this month that its reopened stores in North America were generating sales at nearly 70 percent of their performance last year. By late morning, stocks were up more than 500 points.President Donald Trump was quick to post on the news, tweeting that it "looks like a BIG DAY FOR THE STOCK MARKET AND JOBS!" But many of those gains soon evaporated, as investors processed the economy’s murky longer-term outlook. Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again.The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat the 8% estimate from economists surveyed by Dow Jones.Retail sales alone powered 16.8% higher from a month earlier, more than double the estimate of 8% from Dow Jones and reversing from a revised 14.7% plunge from the previous month. Some categories, like clothing, were down as much as 63 percent from a year earlier. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Crew Factory in an outlet mall in Westbrook, Conn.; signs said that the store’s capacity was 10 people and that masks were required. even though there are no employment numbers out Tuesday.Excluding motor vehicles and parts, which popped by 44.1%, May's gain came in at 12.4%, which also is the best on record going back to 1967.After being almost completely shuttered during the lockdown, food services and drinking places saw a 29.1% rebound in May. Compared to May last year, retail sales increased 3.2%. That is welcome news for the retailers — for the quarter that ended May 2, Gap and Kohl’s each reported net sales declines of more than 40 percent.“There is some indication there is normal behavior out there,” said Jay Sole, a retail analyst at UBS, “where people want to go back to normal, they want to go have fun, get out of the house, and they’re buying the apparel they need to do that.”But at the same time, many shoppers are encountering an experience that’s very different from what they are accustomed to.
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