US retail sales surge past expectations

US retail sales for May surged past expectation which were for 8% growth to notch up a gain of 17.7% from last month which posted a contraction of 16%. This represents the largest jump in the sales data since 1992. Whilst the data was a big surprise, the level of spending was still down some one billion dollars from May 2019. Markets have reacted very positive with US market opening up over 2% and European markets following them higher. Economists still advocate caution to extrapolating this data too far forward to rationalise going overweight equities.