Retail Sales Jump Nearly 20% in May, Economy Shows Signs of Resurgence | Beaufort County Now | Retail sales had an incredible rebound in May, according to economic experts, charging up 17.7% as stores and other businesses reopened following coronavirus-related lockdowns. | daily wire, ben shapiro, retail sales, economy, signs of resurgence, coronavirus, covid-19, june 16, 2020

Coronavirus Disease 2019 (COVID-19)

Retail Sales Jump Nearly 20% in May, Economy Shows Signs of Resurgence

Publisher's note: This informational nugget was sent to me by Ben Shapiro, who represents the Daily Wire, and since this is one of the most topical news events, it should be published on BCN.

The author of this post is Emily Zanotti.


    Retail sales had an incredible rebound in May, according to economic experts, charging up 17.7% as stores and other businesses reopened following coronavirus-related lockdowns.

    The Trump administration has been touting a possible "v-shaped" economic recovery for weeks as initial unemployment claims have begun to taper off and Americans leave their homes and re-enter society for the first time following months of pandemic-related isolation. Many key economic indicators are beating expert projections, leading the White House to suggest that the American economy may be swiftly bouncing back from its sudden — but largely unavoidable — recession.

    "Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again," CNBC reported Tuesday. "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 were 16.8% higher than they were in April, and consumers, CNBC says, rushed out to purchase clothing, accessories, and sporting goods. According to "top products" lists from some of the major big-box retailers, many Americans made a beeline for stores selling items like above-ground pools, as a way of entertaining themselves and their families during a summer where many public pools and parks remain closed over coronavirus concerns.

    President Donald Trump was quick to seize on the news.

    "Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%. Far bigger than projected. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!" he tweeted early Tuesday.

    Stocks did, in fact, jump Tuesday on the retail news, per Fox Business, but also over indications that the Trump administration is considering a fourth coronavirus relief package, which could include a $1 trillion infrastructure plan as well as additional one-time payouts to American taxpayers.

    "The Dow Jones Industrial Average gained 818 points, or 3.2 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 2.78 percent and 2.33 percent, respectively," Fox Business said Tuesday. "The president's proposal would allocate most of the money for projects like roads and bridges, but would also provide funding for 5G wireless infrastructure and rural broadband."

    Retail stocks appear to be Tuesday's biggest winners, with Macy's, Nordstrom, Bed Bath & Beyond, and Best Buy all seeing gains.

    Experts are hopeful that the economic recovery will be swifter than expected, now that some of the first post-lockdown numbers are emerging. CNBC also reported, last week, that some stock market analysts are now confident that their coronavirus predictions were too dire, and that the economic damage from the virus was less than expected.

    "It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago," one financial analyst told the network.


HbAD0

Latest Op-Ed & Politics

Here's an explanation of why Mitch McConnell stabbed Donald Trump in the back
He thinks it's clearly unconstitutional to try a man already out of office.
We will offer this allotment of three with more to come; some old, most new, but all quite informative, and, moreover, necessary to understanding that in North Carolina, there is a wiser path to govern ourselves and our People.
Fake President war on history. Wonder who told him what to do
Last week, Rep. Liz Cheney (R-WY), who is the third-highest ranking House Republican, broke with her party last week when she was one of ten Republicans to vote with Democrats in impeaching President Donald Trump.
Collin Anderson of the Washington Free Beacon highlights the Biden climate team’s latest bizarre pronouncements.
On Saturday, December 12, 2020 at about 5:00 pm Beaufort County Deputies were called to check the welfare of a woman living at 1117 NC 171 Hwy N, Washington.
David Hogberg writes for the Washington Examiner about the new president’s plan to reverse recent health care reforms.

HbAD1

Democrat Joe Biden was sworn in as the 46th president of the United States Wednesday, just before 12 pm EST, taking the oath of office on the United States Capitol steps.
Republican strategist Karl Rove spoke out over the weekend to warn that Donald Trump will be convicted in the Senate by a bipartisan vote if he continues to claim that election fraud took place.
Today, Governor Roy Cooper and North Carolina Department of Health and Human Services (NCDHHS) Secretary Dr. Mandy Cohen visited a large-scale vaccine site at UNC-Chapel Hill’s Friday Conference Center to witness health care workers and North Carolinians over age 65 receive the COVID-19 vaccine.
Democrats think they’ve found in Georgia the winning strategy to transform North Carolina from a battleground state to a solidly blue state.
I have strong opinions — but not about how to perform brain surgery, write a smart-phone app, design a golf course, or produce a hip-hop album.
As he nears inauguration this week, President-Elect Joe Biden has proposed a $1.9 trillion relief package.
Get your batsuit and hang tight with the Wolfman as we enter into Gotham City for battle.

HbAD2

 
Back to Top