May Retail Sales <br />Surged 17.7 Percent The U.S. Commerce Department <br />revealed the increase on Tuesday. According to consensus estimates <br />from Refinitiv, sales were only <br />expected to climb 8 percent from April. Online sales continue to grow amid <br />COVID-19, even as some states begin <br />the process of reopening businesses. According to NPR, people were spending <br />their money in May on the following: Clothing and accessories stores: +188 percent <br />Furniture stores: +89.7 percent <br />Sports, music and other hobby stores: +88.2 percent Electronic stores: +50.5 percent <br />Department stores: +36.9 percent <br />Restaurants and bars: +29.1 percent Gas stations: + 12.8 percent <br />Online retailers: +9 percent<br />Big-box stores: +6 percent<br />Grocery stores: +1.3 percent According to NPR, the Federal Reserve <br />estimates that the unemployment rate will <br />remain at more than 9 percent by the end of 2020. Economist Jack Kleinhenz, <br />via NPR
