The US economy is growing at the fastest rate in over two years, as consumers spend and retail sales rise. The economy has grown 2% in the last quarter, showcasing an obvious uptick in consumer shopping.
Retail sales rose last month in May as consumer inflation eased. Prices rose just 0.1% from April to May and are up just 4% over the previous 12 months – the lowest rate in over two years. Retail figures announced that the decrease in gas prices may be freeing up shoppers’ budgets to spend on other items.
Electronic stores and furniture stores were highlighted among top retail sectors – both showcasing modest gains in sales.
Government reports have also shown a recent uptick in new-home sales and orders for long-lasting manufactured goods.
Source: US Economy – Yahoo Finance
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