Connect with us

Headlines

US Retail Sales Post Record Spike in May, Fueling Hopes of Recovery

The economy also added 2.5M jobs.

mm

Published

on

U.S. retail sales increased 17.7% in May compared to April for a record spike as businesses reopened following coronavirus lockdowns, according to just-released Commerce Department data.

The growth followed record dips in March and April, The Associated Press reports. Overall buying in May was still 6.1 lower than it was in the same month a year prior.

INSTORE Online Jewelry Week 2: Get All the Session Replays Here!
Uncategorized

INSTORE Online Jewelry Week 2: Get All the Session Replays Here!

Getting Back to Work: Improving the Vendor/Retailer Relationship
Webinars

Getting Back to Work: Improving the Vendor/Retailer Relationship

GN Diamond Presents: Post Pandemic Diamond Sales–The New Retail Rules
Sponsored Webinars

GN Diamond Presents: Post Pandemic Diamond Sales–The New Retail Rules

The increase brought hopes that the economy may be starting to recover. It was accompanied by the addition of 2.5 million jobs.

“While the big increase in retail sales in May is encouraging, there is still a huge amount of uncertainty about the strength of the rebound,” Gus Faucher, chief economist at PNC Financial Services, was quoted saying, adding that it could be afffected by “a lot of factors outside of the economics.”

As many as 25,000 U.S. retail stores are likely to close their doors for good this year, compared to 9,000 last year, according to Coresight Research.

Advertisement

And May’s retail growth was not spread evenly. Data from GlobalData Retail showed that losses totaled $2.5 billion for a cohort of 35 non-essential retailers, including jewelry chains, for the three months ended in May. The same group posted a total profit of nearly $9 billion for the same period a year ago, according to the AP.

Read more at the The Associated Press

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

When Liquidation Is the Best Option, This Legendary Jeweler Chose Wilkerson

George Koueiter & Sons Jewelers, a 65-year old jewelry institution in Grosse Pointe, MI, had always been a mainstay in this suburban Detroit community. But when owners George and Paul Koueiter were ready to retire, they made the decision to close rather than sell. “We decided our best option to do the liquidation sale was Wilkerson,” says Paul Koueiter. The results, says George Koueiter, exceeded expectations and the process was easy. “Wilkerson just kept us in mind,” says George. “They never did anything without asking and whatever they asked us to do was just spot on.”

Promoted Headlines

Most Popular