In the bustling world of retail, May brought a surge of activity, as revealed by the CNBC/NRF Retail Monitor. Released by the National Retail Federation (NRF), this report unveiled a notable uptick in sales, both compared to the previous month and the same period last year. Despite persistent inflation, largely confined to services rather than retail goods, May’s figures mirrored earlier positive trends, signaling resilience in the sector.
Excluding automobiles and gasoline, total retail sales soared by 1.35% seasonally adjusted month over month and 3.03% unadjusted year over year. Core retail sales, which exclude restaurants in addition to automobiles and gasoline, witnessed a similar upward trajectory. Notably, online sales, health and personal care stores, and clothing and accessory stores led the charge in yearly sales growth.
This data, drawn from actual credit and debit card transactions, offers a granular view of consumer behavior, untethered from survey biases. The upward momentum across various retail categories paints a picture of an economy on the move.
