US Vigorous retail sales figures and a reasonably benign beige book survey of economic conditions on Wednesday suggested that the US is on track for a strong rebound in second quarter growth.
New data showed a sharp and broad rise in consumer spending last month in spite of the weak housing market and higher petrol prices. Retail sales increased by 1.4 per cent in May, more than double economists’ predictions. Excluding cars and petrol, sales rose by 1 per cent.
