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The US retail sales report due today will mark the end of a busy week ahead of the Fed meeting next week. Economists forecast that retail sales will bounce back following the decline in April.
Headline retail sales are forecast to rise 0.6% on the month, reversing the 0.2% decline from April. Excluding autos, retail sales are tipped to rise 0.3% in May, up from the 0.1% increase in April.
The monthly data puts the headline retail sales at 3.1% in April, lower from 3.8% in the previous month.
The slump in April came amid a strong surge in retail spending in March. But following this, the retail sales report for May is expected to see a slower rebound.
The retail sales report gains attention as the monthly jobs report over the past two months has been somewhat subdued. The average pace of hiring has fallen dramatically while wage growth has been stuck near the 3.1% – 3.2% level over the past few months.
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