U.S. Retail Sales Gain for First Time in Three Months

Retail sales rose in May for the first time in three months as U.S. shoppers returned to showrooms seeking bargains from ailing carmakers, with little sign of an underlying rebound in spending.

The pending demise of thousands of Chrysler LLC and General Motors Corp. dealers attracted customers constrained by rising unemployment and falling home values. While the fiscal stimulus may help shore up demand, Americans’ increasing appetite to boost savings signals spending gains will be slow to develop.

Retail Sales rose 0.5 percent, as forecast, after a 0.2 percent drop in April, the Commerce Department said in Washington. Sales also increased 0.5 percent excluding autos, led by gasoline as prices jumped last month. A separate report showed claims for jobless benefits fell last week.

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- Posted: 2009-06-11 09:23:13

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