Investing.com - Retail sales in the U.S. rose more-than-expected in May, while core retail sales inched up in line with forecasts, official data showed on Thursday.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.6% in May, beating expectations for a 0.4% increase. Retail sales rose by 0.1% in April.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, inched up by a seasonally adjusted 0.3% last month, in line with expectations. Core sales in April fell by 0.2%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.25% to trade at 1.3303.
Meanwhile, U.S. stock future indices pointed to a lower open. The Dow Jones Industrial Average futures pointed to loss of 0.2%, S&P 500 futures indicated a decline of 0.3%, while the Nasdaq 100 futures signaled a loss of 0.3%.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.6% in May, beating expectations for a 0.4% increase. Retail sales rose by 0.1% in April.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, inched up by a seasonally adjusted 0.3% last month, in line with expectations. Core sales in April fell by 0.2%.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.25% to trade at 1.3303.
Meanwhile, U.S. stock future indices pointed to a lower open. The Dow Jones Industrial Average futures pointed to loss of 0.2%, S&P 500 futures indicated a decline of 0.3%, while the Nasdaq 100 futures signaled a loss of 0.3%.