U.S. Outlook: Retail sales shift into higher gear

Posted By Scott Anderson In Economic Outlook | No Comments

The U.S. consumer is coming through in a big way, and not a moment too soon.

Chart showing recent growth in various categories of retail sales. [1]The retail sales report for May revealed a resilient consumer that will help lift growth in the second quarter and beyond.

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.

Click here to read my full report. [2]

Article printed from Bank of the West: https://changematters.bankofthewest.com

URL to article: https://changematters.bankofthewest.com/2015/06/12/u-s-outlook-retail-sales-shift-into-higher-gear/

URLs in this post:

[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2015/06/graph_retailspending_061215.jpg

[2] Click here to read my full report. : http://blog.bankofthewest.com/wp-content/uploads/2015/06/BankoftheWest_USOutlook_06_12_15.pdf

Submit an Idea

[contact-form-7 id="32" title="Share An Idea"]

You are leaving the Bank of the West Change Matters site. Please be aware: The website you are about to enter is not operated by Bank of the West. Bank of the West does not endorse the content of this website and makes no warranty as to the accuracy of content or functionality of this website. The privacy and security policies of the site may differ from those practiced by Bank of the West. To proceed to this website, click OK, or hit Cancel to remain on the Bank of the West Change Matters site.