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US retail sales rise below forecasts in May

US retail sales rise below forecasts in May

Retail sales in the United States saw a lower than forecast rise in May, the Commerce Department data released on Friday showed.

The volume of retail sales soared 0.5 percent last month, compared to forecasts of 0.7 percent advance, while the previous reading was revised higher 0.3 percent increase from 0.2 percent drop. From a year ago, retail sales were 3.2 percent up.

The soar in retail sales should be interpreted as improvement in consumer spending, which should eventually support second-quarter growth.

Core retail sales, which excludes automobiles, gasoline, building materials and food services, edged up 0.5 percent from an upwardly revised of 0.5 percent. That came in line with median estimates.

The dollar index continued to trade higher at 97.23, extending its rise for a third straight session, as of 12:40 GMT.

The green currency is set for a weekly gains this week, ahead of next week’s Federal Reserve monetary policy meeting.

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