Retail sales skyrocketed in May 2020–giving retail their best month-over-month growth ever.
Overall, retail sales jumped 17.7 percent compared with April. Experts had expected just 8.4 percent growth.
In April, sales had plunged 14.7 percent.
Clothing stores led the way, with a 188 percent jump, followed by furniture with an 89.7 percent jump.
Both industries had been largely shuttered across the country, after being deemed “non-essential” by many states.
Online sales and grocery stores–which remained largely open during the pandemic–increased 9 percent and 1.3 percent, respectively.
Retail’s incredible month isn’t the only strong indicator of good economic news: nearly 3 million jobs were created in May, more than double the all-time monthly record.
While economic uncertainty still abounds, one thing is clear: the chances of a quick, relatively-painless “V-shaped recession” are getting better and better.