Retail sales surge in May
May was a strong month for the retail industry.
Advance estimates of U.S. retail and food services sales for May 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $502.0 billion, an increase of 0.8% from the previous month, and 5.9% above May 2017, the U.S. Census Bureau reported today.
Total sales for the March 2018 through May 2018 period were up 5.2% from the same period a year ago. Retail trade sales were up 0.8% from April 2018, and 6.0% above last year.
Online and other non-store sales were up 9.1% year-over-year and up 0.1% over April seasonally adjusted. General merchandise stores were up 5.6% year-over-year and up 1.2% from April seasonally adjusted.
Building materials and garden supply stores were up 5.3% year-over-year and up 2.4% from April seasonally adjusted. Electronics and appliance stores were up 2.8$ year-over-year and up 0.2% from April seasonally adjusted.
“The economy is looking strong and households have a solid financial foundation on which to base their spending,” said Jack Kleinhenz, chief economist of the National Retail Federation (NRF).
Kleinhenz points to increased take-home pay partially thanks to tax cuts, unemployment at long-time low, and good availability of consumer credit.
“We have seen ongoing momentum over the last several months and believe sales growth should remain healthy and consistent with our 2018 outlook,” Kleinhenz said.
But Kleinhenz also says that inflation and rising oil prices “are complicating the picture.”
“And new tariffs or a trade war would certainly be negatives that would increase prices and reduce both consumer purchasing power and consumer confidence.”
The May results build on improvement seen in April, which was up 0.5% monthly and 2.8% year over year, according to the NRF.
Advance estimates of U.S. retail and food services sales for May 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $502.0 billion, an increase of 0.8% from the previous month, and 5.9% above May 2017, the U.S. Census Bureau reported today.
Total sales for the March 2018 through May 2018 period were up 5.2% from the same period a year ago. Retail trade sales were up 0.8% from April 2018, and 6.0% above last year.
Online and other non-store sales were up 9.1% year-over-year and up 0.1% over April seasonally adjusted. General merchandise stores were up 5.6% year-over-year and up 1.2% from April seasonally adjusted.
Building materials and garden supply stores were up 5.3% year-over-year and up 2.4% from April seasonally adjusted. Electronics and appliance stores were up 2.8$ year-over-year and up 0.2% from April seasonally adjusted.
“The economy is looking strong and households have a solid financial foundation on which to base their spending,” said Jack Kleinhenz, chief economist of the National Retail Federation (NRF).
Kleinhenz points to increased take-home pay partially thanks to tax cuts, unemployment at long-time low, and good availability of consumer credit.
“We have seen ongoing momentum over the last several months and believe sales growth should remain healthy and consistent with our 2018 outlook,” Kleinhenz said.
But Kleinhenz also says that inflation and rising oil prices “are complicating the picture.”
“And new tariffs or a trade war would certainly be negatives that would increase prices and reduce both consumer purchasing power and consumer confidence.”
The May results build on improvement seen in April, which was up 0.5% monthly and 2.8% year over year, according to the NRF.