2020.06.1612:37:00UTC+00U.S. Retail Sales Rebound Much More Than Expected In May

After reporting a record drop in U.S. retail sales in the previous month, the Commerce Department released a report on Tuesday showing retail sales rebounded by much more than anticipated in the month of May.

The Commerce Department said retail sales skyrocketed by 17.7 percent in May after plunging by a revised 14.7 percent in April.

Economists had expected retail sales to spike by 8.0 percent compared to the 16.4 percent nosedive originally reported for the previous month.

Excluding a substantial rebound in auto sales, retail sales still surged up by 12.4 percent in May after plummeting by 15.2 percent in April. Ex-auto sales were expected to jump by 5.5 percent.