American shoppers returned in force in May, fuelling a record 17.7% monthly gain in retail spending after lockdowns triggered devastating declines in the previous months. The rebound only partially made up for the losses, leaving spending down about 6% year-on-year. And some sectors, such as clothing stores, have seen far steeper declines. Still, the increase added to hopes that the economic recovery will be faster than predicted. Last month, US employers also added a surprise 2.5 million jobs and the unemployment rate fell to 13.3%. Capital Economics said it now expects the US economy to contract at an annual rate ... (full story)