Economics
Fed Cut Looks Less Urgent After Pickups at Stores, Factories
- May retail sales show increases almost across the board
- Manufacturing output rises 0.2% for first increase in 2019
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U.S. stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Federal Reserve to cut interest rates.
Retailers posted a broad-based gain, with the value of overall sales rising 0.5% from April, and figures for the previous two months were revised higher. Manufacturing output also increased for the first time this year. Some researchers boosted forecasts for second-quarter economic growth following the reports.