US shoppers stepped up spending in May as bumper tax refunds offset the inflationary effects of the Iran war, signalling the economy remains in robust shape as Kevin Warsh takes the helm at the Federal Reserve.
Retail sales in May rose 0.9 per cent from the previous month to $764bn, according to data released by the Census Bureau on Wednesday, ahead of Wall Street expectations. They were up 6.9 per cent versus May 2025.
Much of the increased spending was driven by elevated prices at the pump, with petrol station sales rising 3.4 per cent. But underlying retail sales were also strong, with a core measure stripping out volatile items including fuel and car sales gaining 0.7 per cent.
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