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U.S. retail sales rise 1.2% in May, core sales up 1%

Published 11/06/2015, 13:32
Updated 11/06/2015, 13:33
© Reuters. U.S. retail sales rise 1.2% in May, core sales up 1%
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Investing.com - Retail sales in the U.S. rose more than expected in May, while core sales also beat estimates, boosting optimism over the health of the economy and supporting the case for a U.S. interest rate hike this year, official data showed on Thursday.

In a report, the U.S. Commerce Department said that retail sales increased by a seasonally adjusted 1.2% last month, beating expectations for a gain of 1.1%. Retail sales rose by 0.2% in April, whose figure was revised up from a previously reported flat reading.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.

Core retail sales, which exclude automobile sales, rose by a seasonally adjusted 1.0% in May, compared to forecasts for a 0.7% increase. Core sales in April increased 0.1%.

Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.

EUR/USD was trading at 1.1206 from around 1.1223 ahead of the release of the data, GBP/USD was at 1.5448 from 1.5461 earlier, while USD/JPY was at 123.76 from 123.78 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.40, compared to 95.33 ahead of the report.

Meanwhile, U.S. stock futures pointed to a modestly higher open. The Dow futures pointed to a gain of 0.1%, the S&P 500 futures tacked on 0.1%, while the Nasdaq 100 futures advanced 0.15%.

Elsewhere, in the commodities market, gold futures traded at $1,177.50 a troy ounce, compared to $1,176.50 ahead of the data, while crude oil traded at $60.77 a barrel from $60.83 earlier.

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