Commerce and NRF data show gains for May retail sales
May retail sales data issued today by the United States Department of Commerce and the National Retail Federation (NRF) showed sequential and annual gains.
Commerce reported that May retail sales, at $519.0 billion, were up 0.5% compared to April and up 3.2% annually, with total retail sales from March through May up 3.6% annually.
Retail trade sales were up 0.5% compared to April and up 3.1% annually, with nonstore retailers, which is largely comprised of e-commerce activity, seeing an 11.4% annual jump and sporting goods, hobby, musical instrument, and books store sales off 4.2% annually.
NRF reported that May retail sales were up 0.5% in May on a seasonally-adjusted basis compared to April, and up 3.2% annually on an unadjusted basis. NRF’s retail sales figures do not include automotive dealers, gasoline stations, and restaurants.
The three-month moving average through May was up 3.3% annually, ahead of April’s 2.9% three-month moving average. NRF noted that May’s three-month gain was boosted on a revised 0.3% sequential gain in April (from 0.2%) and a revised 5.9% annual April gain.
“Today’s retail numbers, and upward revisions to prior months, reinforce the ongoing strength of the consumer and are consistent with a pick up in the pace of the economy in the coming months,” NRF Chief Economic Jack Kleinhenz said in a statement. “The strong job market, recent income gains and elevated confidence translates into ongoing support for spending. Households, in the aggregate, are in solid financial condition but an escalation in trade tariffs will undoubtedly create a considerable downdraft to confidence and spending, or lead to a pullback in spending.”
NRF added that retail sales data has been unusually choppy given the economic environment in recent months, which include the partial government shutdown, volatile energy prices, roller coaster equity markets, notwithstanding escalating trade tensions. And it added that May’s retail sales increases were broad based, with nearly all categories showing gains, with the only decline coming from food and beverage stores.
