US Retail Sales up more than forecasted
Retail sales rose more than forecast in May, showing consumer spending will help boost economic growth in the second quarter. The 0.5% increase in purchases followed a 1.3% jump the previous month that was the biggest gain in a year, Commerce Department figures showed Tuesday in Washington. The median forecast of 81 economists surveyed by Bloomberg projected a 0.3% advance. Excluding purchases of autos and gasoline, sales climbed 0.3%.
Steady gains in consumption will help the economy accelerate from a soft patch at the start of the year, bolstering forecasts by Federal Reserve officials that the slowdown would prove temporary. A pickup in wages generated by continued increases in employment will help ensure households remain a mainstay of the economic expansion.
Euro is currently being traded few points above 1.12 level, Sterling is around 1.41 handle, while Aussie is at 0.7360 area.
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