May Retail Sales Offer Positives for Multiple Holdings — and Especially One
Let’s break down May retail sales report and its implications for the economy and the Pro Portfolio.
The consumer and related spending is a strong driver of the domestic economy — and consumers continued to open their wallets in May and more than the market expected.
Headline Retail Sales for May rose 6.9% year over year, a noticeable jump compared to the 4.8% figure for April and well above the trailing three-month average of 5.3%. Focusing on retail-only sales, we see a 7.5% figure for May, up from 5.1% in April and 5.7% for the trailing three-month period. Those figures of total spending dollars support recent comments from…