The May report for retail sales was released this morning. It was both stronger and weaker than expected. Stronger if you shake out expensive autos, but weaker if, conversely, you include sales of expensive autos. So, auto sales in May were lower but sales of other goods and services perked up.
If you add in the lower cost of gasoline at the pump, which is part of the retail sales number, the consumer spent far more money than the experts expected. That points to a definite indication of a continuing healthy economy.
If the consumer spending endures, and we have full employment with few people filing for unemployment benefits, the economy will remain resilient. This is true despite any slowing in the second quarter.