Retail sales bounced back far more vigorously than expected in May, surging 17.7% versus the consensus forecast of an 8.4% gain, while the plunge in April was revised to be a little more moderate than initially reported (-14.7% versus -16.4%). This means that the seasonally adjusted dollar level of US retail sales is back roughly to what we saw in March, which in turn is around 8% below January's level. This is much stronger than the weekly Redbook chain stores sales figures had hinted at, with today’s report clearly boosting hopes of a more V-shaped recovery. {image} The details show a very strong increase for motor ... (full story)