Trump celebrates ‘biggest one-month increase in retail sales of all time’ as figures soar by 17.7% in May – The Sun

PRESIDENT Donald Trump has celebrated the "biggest one-month increase in retail sales of all time" as figures soared by 17.7 percent in May.

The massive jump came after months of lockdown across the nation due to the COVID-19 pandemic.

"Wow! May retail sales show biggest one-month increase of ALL TIME, up 17.7%," Trump tweeted on Tuesday.

"Far bigger than projected.

"Looks like a BIG DAY FOR THE STOCK MARKET, AND JOBS!" he added.

Dow Jones had originally anticipated an 8 percent jump in retail sales for the month of May – but figures from the US Department of Commerce showed that sales skyrocketed 17.7 percent compared to the previous month, Bloomberg reported.

This topped the previous record set in October 2001, CNBC reported.

Department of Commerce data showed sales in April were down 14.7 percent, according to Bloomberg.

All retail categories saw an increase, according to the Department of Commerce.

Motor vehicles jumped 44.1 percent, while restaurant sales were up 29.1 percent, Bloomberg reported.

Despite the increase in sales seen in May, due to a downward trend in both March and April, sales remain down 6.1 percent compared to last year, according to Bloomberg.

Compared to numbers seen before the pandemic in February, sales overall are down 8 percent, the New York Times reported.

Widespread shutdowns had battered the economy, as more than 95 percent of the US was under lockdowns.

Unemployment rates soared to 14.7 percent in April – the highest they've been since the Great Depression.

More than 40 million Americans have filed for unemployment since March.

The unemployment rate dropped in May to 13.3 percent, showing promise as the US began to reopen and Americans were able to get back to work.

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