Retail Sales Bounce Back In May
May retail sales released last week by the U.S. Commerce Department show total retail sales (which include merchandise categories such as autos, gas stations and restaurants) increased 1.4 percent seasonally adjusted from last month and 5.4 percent unadjusted from last year.
“After a lackluster April, consumer spending rebounded nicely in May,” stated Roz Wells, chief economist for the National Retail Federation. “With retail sales increasing, the economy is getting a much-needed boost.”
Industry sales in most sectors saw strong gains. Clothing and clothing accessories stores sales surged well past expectations, seeing a 2.7 percent increase seasonally and 9.1 percent increase year-over-year. Sales at health and personal care stores rose 0.8 percent seasonally and 6.5 percent over last year.
Showing the effect of the weak housing market, building material stores sales rose 2.1 percent over last month but decreased 0.7 percent over last year. Furniture and home furnishing stores sales rose 0.3 percent seasonally and 2.9 percent over last year.
For additional information, go to www.nrf.com.
Videos
