A recent CNBC/NRF Retail Monitor report found retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation. Total retail sales, excluding automobile dealers and gasoline stations, increased 0.42 percent seasonally adjusted month over month and 7.19 percent unadjusted year over year in May, according to the Retail Monitor. That compared with increases of 0.34 percent month over month and 5.73 percent year over year in April.
The Retail Monitor’s calculation of core retail sales, which excludes restaurants in addition to auto dealers and gas stations, increased 0.39 percent month over month in May and 6.98 percent year over year. That compared with increases of 0.34 percent month over month and 5.53 percent year over year in April. Total sales were up 6.29 percent year over year during the first five months of the year, while core sales rose 6.19 percent.
“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,” said Matthew Shay, president and CEO of the National Retail Federation (NRF). “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.”
May sales increased in all but one of nine categories on a year-over-year basis, led by electronics and appliance stores, clothing stores, and health and personal care stores. Sales were up in all but two categories on a month-over-month basis.
Electronics and appliance stores were up 0.05 percent month over month, seasonally adjusted, and 11.59 percent year over year, unadjusted, while clothing and accessories stores increased 0.6 percent month over month, seasonally adjusted, and 10.25 percent year over year, unadjusted.
Health and personal care stores rose 0.45 percent month over month, seasonally adjusted, and 8.87 percent year over year, unadjusted. Sporting goods, hobby, music and book stores increased 0.25 percent month over month, seasonally adjusted, and 8.59 percent year over year, unadjusted.
General merchandise stores rose 0.41 percent month over month, seasonally adjusted, and 8.28 percent year over year, unadjusted. Digital products, such as electronic books and games, increased 1.22 percent month over month, seasonally adjusted, and 7.79 percent year over year, unadjusted. Grocery and beverage stores rose 0.48 percent month over month, seasonally adjusted, and 6.01 percent year over year, unadjusted.
Furniture and home furnishings stores declined 0.09 percent month over month, seasonally adjusted, but increased 3.35 percent year over year, unadjusted. Building and garden supply stores fell 0.38 percent month over month, seasonally adjusted, and 1.88 percent year over year, unadjusted.
