Bloomberg survey of economists called for a 8.4% gain in May.Stock-index futures extended gains and 10-year Treasury yields rose after the report.
All categories increased in May, including a 44.1% surge in sales of motor vehicles and a 29.1% jump in restaurant receipts.
Together, those categories accounted for more than half the overall gain in sales. Even with the improvement, the value of all retail sales remained 6.1% below last year’s level.“As states began to reopen their economies, households reopened their wallets,"said Andrew Grantham, economist at CIBC.