Retail sales for the month of May are up 18% from April. The spike is the largest since the aftermath of 9/11. This is being called the biggest monthly increase in retail history.
The original prediction by Dow Jones? 8%! The actual numbers would end up being more than double what was originally predicted!
Although the news is good, it is important to remember that this is simply the market attempting stabilization after an especially horrible March and April. During this time, about one quarter of the nation would be rendered jobless due to COVID-19.
These amazing numbers will obviously even out over the next few months. However, that is no reason not to at least recognize the progress being made.
M.W. Stevens 