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Retail sales grew for the eighth consecutive month in May despite high gas prices and ongoing inflation, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
“Retail sales maintained momentum in May, driven by a resilient labor market and consumers’ continued willingness to spend on retail goods despite pressure from elevated gas prices, tariffs and the conflict in the Middle East,” says NRF president and CEO Matthew Shay. “As support from this year’s large tax refunds fades, consumers are prioritizing essentials and finding creative ways to stretch their household budgets. To support them, retailers are actively engaging their supply chains and supplier networks to keep prices affordable.”
Total retail sales, excluding automobile dealers and gas stations, were up 0.42% seasonally adjusted month over month and up 7.19% unadjusted year over year in May. This compares to increases of 0.34% month over month and 5.73% increases year over year in April.
During the first five months of the year, total sales were up 6.29% year over year and core sales were up 6.19%.
May sales were up in all but one of nine categories on a yearly basis, led by electronics and appliance stores, clothing stores and health and personal care stores, and were up in all but two categories on a monthly basis. In building and garden supply stores, sales were down 0.38% month over month, seasonally adjusted and down 1.88% year over year, unadjusted.
