Improved consumer confidence and spending helped drive up retail sales in May. The National Retail Federation reports May retail sales (excluding automobiles, gas stations and restaurants) increased 0.6% (seasonally adjusted) from April. On an unadjusted basis sales rose 4.8% year-over-year.
“The American consumer continues to drive the U.S. economy,” NRF President and CEO Matthew Shay said. “In spite on fluctuating gas prices, severe weather in much of the country and fiscal policy uncertainty, consumers continue to demonstrate an inherent resiliency and flexibility. We should never underestimate the role and strength of the American shopper or the retailers that serve them.”
The number released today (June 13) by the U.S. Department of Commerce showed that total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.6% seasonally adjusted month-to-month and increased 4.3% adjusted year-over-year.
Other findings from the May retail sales report include:
(Unadjusted year-over-year comparisons)
• Building materials and gardening supply stores saw sales increase 9.3%.
• Clothing and accessories stores posted sales were up 4.8%.
• Electronics and appliance stores' sales slid 0.2%.
• Furniture and home furnishing stores' sales increased 0.1%.
• General merchandise stores' sales rose 2.3%.
• Health and personal care stores posted sales increases of 0.5%.
• Online retailers’ sales jumped 11.5%
• Sporting goods, hobby, book and music stores’ sales increased 1.8%.
"Stronger employment data and increasing home and equity prices lifted confidence and spending this spring,” NRF Chief Economist Jack Kleinhenz said. “The economy is improving, albeit slowly, but we still have a long way to go. Stagnant salaries continue to constrain further economic acceleration. While sequester and tax increases dampened sales growth in the first quarter, it appears that the economy absorbed most of the blow.”