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Retail sales in May continued to grow despite a slowdown on stocking up ahead of tariffs, according to the CNBC/National Retail Federation’s (NRF) Retail Monitor.
“The data for May indicates that the pull-forward in consumer demand ahead of tariffs is likely dissipating,” says Matthew Shay, NRF president and CEO. “While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases. Consumer fundamentals haven’t been damaged yet, and a slowing-but-still-growing job market is supporting household priorities ahead of any meaningful price increases in the coming months.”
Total retail sales were up 0.49% seasonally adjusted month over month and up 4.44% unadjusted year over year in May, compared to a 0.72% month over month and 6.76% year over year increase in April.
Core retail sales in May were up 0.23% month over month and 4.2% year over year. This compared to April’s 0.9% increase month over month and 7.11% year over year increase.
Total sales were up 4.95% year over year for the first five months of the year and core sales were up 5.24%.
In the building and garden supplies sector, May sales were down 2.3%, compared to a 2.77% increase in April.
May sales were up in seven key categories on a yearly basis, including digital products, sporting goods stores and general merchandise stores, and up in six categories month over month.
