Rising Confidence and Spending Boost US May Retail SalesJune 14, 13
May retail sales (excluding automobiles, gas stations and restaurants) increased 0.6 percent seasonally adjusted from April and by 4.8 percent unadjusted year-over-year.
“The American consumer continues to drive the U.S. economy,” said NRF President and CEO Matthew Shay. “In spite of 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.”
May retail sales, released 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 percent seasonally adjusted month-to-month and increased 4.3 percent adjusted year-over-year.
“Stronger employment data and increasing home and equity prices lifted confidence and spending this spring,” said NRF Chief Economist Jack Kleinhenz.
“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.”