US: Retail Sales likely rebound in May – Wells Fargo

On Friday, in the US, retail sales and industrial production data will be released. Analysts at Wells Fargo expect a 0.7% increase in retail sales headline. 

Key Quotes: 

“Retail sales have experienced a volatile monthly performance so far this year. In April, headline sales unexpectedly slipped 0.2% on the month, following an exceptionally strong 1.7% gain in March.”

“We expect a rebounding performance in May, with headline retail sales increasing 0.7% (excluding vehicles, +0.4%). Motor vehicle sales increased 5.5% last month and should accompany an otherwise broad-based increase across the retail sectors.”

“We remain constructive on the consumer and their contribution to overall economic growth. Fundamentals for sustained, solid consumer spending remain sound, including healthy hiring gains, low unemployment and firming wages. Assuming the labor market remains healthy, as we expect, consumer spending growth should be solid in the quarters ahead.”

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