HUGE: Economy Sees 20% Increase in Retail Sales For the Month of May
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President Trump's hope for a "V-shape" economic recovery is looking more and more likely considering retail sales had a tremendous 17.7% jump as businesses started to reopen from the lockdowns due to the Chinese coronavirus.
"The Trump administration has been touting a possible “v-shaped” economic recovery for weeks as initial unemployment claims have begun to taper off and Americans leave their homes and re-enter society for the first time following months of pandemic-related isolation," the Daily Wire reported. "Many key economic indicators are beating expert projections, leading the White House to suggest that the American economy may be swiftly bouncing back from its sudden — but largely unavoidable — recession."
“Retail sales shattered already-lofty expectations for May as consumers freed from the coronavirus-induced lockdowns began shopping again,” CNBC reported on Tuesday. “The 17.7% headline gain including food sales easily topped the record 6.7% from October 2001 — a month after the 9/11 terrorist attacks — and beat the 8% estimate from economists surveyed by Dow Jones.”
CNBC added that consumers sprawled out to buy clothing, accessories as well as sporting good products. Many other Americans rushed to stores for products like above ground pools and other ways of entertainment for the summer.
It didn't take long for President Trump to tout the news.
“Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%. Far bigger than projected. Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!” he tweeted on Tuesday morning.
The President was right. Stocks jumped on Tuesday morning due to the news and also traded higher on the news that the White House is considering sending out another round of direct payments.
“The Dow Jones Industrial Average gained 818 points, or 3.2 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 2.78 percent and 2.33 percent, respectively,” Fox Business said on Tuesday. “The president’s proposal would allocate most of the money for projects like roads and bridges, but would also provide funding for 5G wireless infrastructure and rural broadband.”
The Daily Wire reports:
Retail stocks appear to be Tuesday’s biggest winners, with Macy’s, Nordstrom, Bed Bath & Beyond, and Best Buy all seeing gains.
Experts are hopeful that the economic recovery will be swifter than expected, now that some of the first post-lockdown numbers are emerging. CNBC also reported, last week, that some stock market analysts are now confident that their coronavirus predictions were too dire, and that the economic damage from the virus was less than expected.
“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” one financial analyst told the network
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