U.S. Outlook: Retail sales shift into higher gear
The U.S. consumer is coming through in a big way, and not a moment too soon.
For more on this and other developments this week, see my full report. Highlights are outlined below, followed by a link to the full U.S. Outlook report, delivered on June 12.Key observations:
- Real consumer spending in the second quarter is likely near 3.0% on an annualized basis, well above the first quarter’s mediocre 1.8% growth performance.
- Robust motor vehicle, gasoline station, and building material sales fed 72% of the advance in total retail and food service sales last month.
- U.S. job openings in April hit a new cyclical high of 5.376 million, the highest level of job openings in
the more than 15 years this data has been collected.
- U.S. household net worth has doubled since 2000.