The latest data from the U.S. Census Bureau reveals that retail sales experienced a modest growth in May, indicating a stable and resilient consumer market, according to National Retail Federation (NRF) Chief Economist Jack Kleinhenz. The report highlights a 0.1% increase in overall retail sales from April to May and a 2.3% rise compared to the same month last year. This growth is a slight improvement from April’s figures, which saw a 0.2% decrease month-over-month and a 2.7% increase year-over-year.
Kleinhenz emphasized that May’s retail sales figures provide a snapshot of a reasonably healthy consumer environment, with the economy continuing to expand at a solid pace. He noted that strong job gains are bolstering consumers’ ability and willingness to spend, even as higher prices for services remain a concern.
Aligning with the Census Bureau’s data, the CNBC/NRF Retail Monitor, which utilizes anonymized credit and debit card data from Affinity Solutions, reported a 1.2% increase in retail sales for May. This represents a significant rise from April’s 0.4% growth, further supporting the narrative of steady consumer spending.
