Here Comes Retail Sales...

U.S. retail sales for May are out at 8:30 a.m. ET.

Economists polled by Bloomberg are looking for retail sales to rise 0.6% month-over-month, compared to a 0.1% rise in April.

Core retail sales (ex auto and gas) are expected to rise 0.4%, compared to a 0.1% fall in April.

"When Easter falls very late, as it did this year, seasonally adjusted core retail sales tend to rise strongly in March, then weaken in April and finally do better in May as normal service resumes," wrote Ian Shepherdson at Pantheon Macroeconomics.

A strong retail sales report will also add to signs of an economic snapback.