According to the National Retail Federation, May sales results wavered when compared to April as consumers faced continuing inflation including higher prices for essentials such as food and gasoline.
Based on the Census Bureau numbers, NRF’s calculation of retail sales excludes automobile dealers, gasoline stations and restaurants to focus on core retail and had May unchanged seasonally adjusted from April but up 6.7% unadjusted year over year. In April, sales were up 0.4% month over month and 5.5% year over year.
NRF’s May numbers increased 5.4% unadjusted on a three-month moving average. Sales advanced 7.3% year over year for the first five months of the year.
May sales were up in eight out of the nine retail categories as designated by the Census Bureau on a yearly basis but slipped in nearly half the categories on a monthly basis.
Sales results on a category basis were:
- General merchandise stores increased 0.1% month over month seasonally adjusted and 0.9% unadjusted year over year.
- Furniture and home furnishings stores decreased 0.9% month over month seasonally adjusted but increased 2.3% unadjusted year over year.
- Health and personal care stores decreased 0.2% month over month seasonally adjusted but increased 5.8% unadjusted year over year.
- Building materials and garden supply stores were increased by 0.2% month over month seasonally adjusted and 8.8% unadjusted year over year.
- Electronics and appliance stores decreased 1.3% month over month seasonally adjusted and 4.3% unadjusted year over year.
- Online and other non-store sales decreased 1% month over month seasonally adjusted but increased 8.5% unadjusted year over year.
- Grocery and beverage stores increased 1.2% month over month seasonally adjusted and increased 7.1% unadjusted year over year.
- Sporting goods stores increased 0.4% month over month seasonally adjusted and 1.2% unadjusted year over year.
- Clothing and clothing accessory stores increased 0.1% month over month seasonally adjusted and 6% unadjusted year over year.
“Retail sales are reflecting Americans’ growing concern about inflation and its impact on the cost of everything from groceries to gas,” NRF president and CEO Matthew Shay said in introducing the numbers. “Retailers are doing what they can to keep prices down, but we continue our call on the administration to repeal unnecessary and costly tariffs on goods from China to relieve pressure on American consumers and their family budgets.”
NRF chief economist Jack Kleinhenz said, “There’s been little relief from inflation, and we expected some cooling off in sales in reaction to prices. There have been swings across sectors that reflect the impact of both higher prices and supply chain disturbances, and higher interest rates are expected to curb spending going forward. As inflation continues, consumers are looking for ways to stretch their dollars by saving less, tapping into savings accumulated during the pandemic and increasing their use of credit.”
