US - Retail sales likely rebounded in May

RBC Capital Markets notes:

• We look for a firm +1.5% m/m rise in headline May retail sales, supported by the best auto sales in 10 years. The internals are expected to be favourable as the critical underpinnings of the consumer remain robust. 
  
  
• We have pointed out the healthy consumer fundamentals (from job growth, wages, confidence, savings) for some time now, but the one thing that has really perked up more recently is credit. 
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  We look for core retail sales to print a firm +0.5% m/m, making the case for a 3%+ real consumer backdrop for the balance of 2015 even easier.