Some good news for retailers came out today with the Commerce Department reporting Wednesday that retail sales in the US surged by 1.4 percent which was double the increase that analysts had been expecting.
The 1.4 percent increase in May sales was the biggest one-month advance since a 3.3 percent surge in January 2006. It left sales at a seasonally adjusted annual rate of $377.9 billion in May. Excluding car sales that account for 20 percent of total retail business, sales rose 1.3 percent following a 0.1 percent April rise that was originally reported as flat.
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