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

Scott Anderson
Chief Economist

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.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.

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