U.S. retail sales rose during May, posting the third increase in five months. Unfortunately, much of the gain is attributable to higher prices in gas stations. Still, if the higher prices at the pumps didn’t keep people from driving, that’s got to be something of a good sign, right?
Total retail sales rose by 0.5 per cent in May. It seems that the steep decline in consumer spending we saw following the summer of 2008 is finally over. Consumer spending seem to have stabilised at a low level. The real question is how long we’ll sit at this low level before sales start to rise once again.