US retail sales rise 0.3% to $686B in May, more than estimates

US retail sales rose 0.3% to $686.6 billion in May, according to advance figures released Thursday by the Commerce Department.

While retail sales rose against the market estimates of a 0.1% decline, they stood at the revised figure of $684.2 billion for a monthly gain of 0.4% in April.

On an annual basis, retail sales were up 1.6% in May, compared to the same month of last year.

The figure, however, came lower than the market expectation of a 2.2% gain, but it showed an increase from the annual rise of 1.2% recorded in April.

The monthly and annual positive figures indicate that consumer demand remains strong in the world’s largest economy.