US retail sales beat expectations in May as consumers buy cars

American consumers showed strong resilience in May, driving retail sales higher than expected despite ongoing geopolitical tensions and rising gasoline prices. The U.S. Department of Commerce reported a 0.9% increase in retail sales from April, marking the fourth consecutive month of significant growth. Economists surveyed by Reuters had predicted a more modest 0.5% rise.

Spending on motor vehicles saw a notable 1.2% increase, while sales at online retailers and furniture stores also climbed. Higher gasoline prices, influenced by the conflict in the Middle East, contributed to overall sales figures, with fuel station revenues up 3.4% in May. This economic robustness has fueled discussions about the Federal Reserve's next move on interest rates, with some economists suggesting it could lead to maintaining or even increasing rates.

However, analysts caution that fiscal stimulus measures, such as higher tax refunds and import duties, have temporarily masked the impact of the Middle East conflict. As this financial cushion diminishes, a slowdown in economic activity is anticipated. Scott Anderson, chief U.S. economist at BMO Capital Markets, noted that the strong retail sales report serves as a warning signal for the Fed's inflation-control efforts.

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Siła majowego raportu o sprzedaży detalicznej i przyspieszenie tempa wydatków w stosunku do kwietnia to kolejne sygnały ostrzegawcze dla Fedu, który próbuje stłumić presję inflacyjną wśród konsumentów.