Retail sales put in a second good month today, rising 0.5% for the month vs. a Bloomberg Econoday Consensus estimate of 0.3%.
Gasoline sales contributed 0.2 percentage points of the increase, no doubt partially due to huge memorial day weekend traffic.
Latest forecast: 2.8 percent — June 14, 2016
Following the sales report, the GDPNow Forecast rose to 2.8 percent.
Mike “Mish” Shedlock