U.S. Retail Sales Up Record 17.7 Percent

U.S. retail sales increased a record 17.7 percent from April to May 2020, a partial rebound following the virtual shutdown of the U.S. economy during the COVID-19 pandemic.

According to ABC News, a U.S. government report released today shows the industry has regained some of the drastic losses it endured during March (8 percent) and April (14.7 percent). Purchases are still down 6.1 percent from the same time last year.

“This may very well be the shortest, but still deepest, recession ever,” said Jennifer Lee, a senior economist at BMO Capital Markets. But she added that it's “not likely that we’ll see a repeat in June as this is pent-up demand unleashed in one month.”

A sustained recovery will be dependent on a number of factors, including consumer confidence, how the pandemic continues to evolve and whether consumers will return to travel.