US retail sales grew 1.4% in May – the largest spending increase in 16 months (seasonally adjusted) – and were up for all categories, according to the Commerce Department, reports MarketWatch.
As a result, Lehman Bros. upped its second-quarter growth estimate to 4% from 3.6%; the median forecast had been 3%. April’s sales were revised upward to a 0.1% decline from a 0.2% decline.
Sales excluding gasoline rose 1.2%. Gasoline sales rose 3.8%.
Some details from Commerce’s report:
- Auto sales increased 1.8% (though automakers reported a decline). Excluding autos, retail sales gained 1.3%, the largest in 16 months.
- Excluding autos as well as gas, sales were up 1%, the most since January 2006.
- Sales at general merchandise stores rose 1%; at department stores, they were up 1.3% – the most in 19 months.
- Clothing store sales grew 2.7%; sales at music, book and sporting goods stores rose 1.8%.
- Food store sales were up 0.3%; sales at restaurants and bars were up 0.7%.
- Sales at health- and personal-care stores rose 0.8%.
- Sales at building materials stores rose 2.1%, reversing a loss in April.
- Sales at electronics and appliance stores rose 1.3%.
- Sales at furniture stores rose 0.3%.
