Retail Sales Bounce Up 17.7% After Record Drop As States Reopen

As more states and cities reopened restaurants and shopping centers, U.S. retail spending swung big in May, climbing 17.7%, the U.S. Commerce Department said Tuesday. Spending is still down 6.1% from a year earlier because of the coronavirus pandemic. And economists warn of a long and uncertain recovery. But May's upswing follows a record historic collapse in March and April, when retail spending nosedived as people avoided outings for food or shopping, especially for clothes and furniture.-- More...