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.

CLIENTBOOK PRESENTS: Do It Now! Drive Your Fourth-Quarter Sales to Record-Setting Levels with Clienteling
Sponsored Webinars

CLIENTBOOK PRESENTS: Do It Now! Drive Your Fourth-Quarter Sales to Record-Setting Levels with Clienteling

Podium Presents: 5 Crucial Customer Experience Improvements to Make as You Reopen
Sponsored Webinars

Podium Presents: 5 Crucial Customer Experience Improvements to Make as You Reopen

Selling Against the Internet & Maximizing Sales
Sponsored Webinars

Selling Against the Internet & Maximizing Sales

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].

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

A Liquidation Sale during a Pandemic? Wilkerson Showed Them the Way

For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

Promoted Headlines

Most Popular