The U.S. Census Bureau recently released data showing that retail sales continued to grow in May, contributing to a still-expanding economy. According to the Bureau, overall retail sales in May increased by 0.1% seasonally adjusted month over month and by 2.3% unadjusted year over year. This growth aligns with NRF’s forecast for retail sales to grow between 2.5% and 3.5% in 2024, despite some fluctuations in spending growth.
National Retail Federation Chief Economist Jack Kleinhenz commented on this, stating that May’s retail sales reflect a reasonably healthy consumer, despite some fluctuations in spending growth. These numbers indicate a solid pace of economic expansion, supported by strong job gains that allow consumers to spend. While inflation pressure has eased for retail goods, higher prices for services remain a concern for households.
NRF serves as a leading authority and voice for the retail industry, providing data on retail sales each month and forecasting annual retail sales and spending for key periods such as the holiday season. The organization’s analysis of the data emphasizes the positive trends in retail sales and consumer spending, contributing to the overall strength of the economy. Additionally, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales increased by 1.2% month over month and by 2.88% year over year in May, based on actual credit and debit card purchase data.
Overall, these numbers indicate that consumers are feeling more confident about their financial situation and are continuing to spend money on goods and services despite some fluctuations in spending growth due to inflation pressures on services.
In summary, recent data from the U.S. Census Bureau shows that retail sales continued to grow in May, contributing to an expanding economy. Despite some fluctuations in spending growth due to inflation pressures on services, strong job gains allow consumers to continue spending money on goods and services at a solid pace of economic expansion.
The National Retail Federation (NRF) is a leading authority and voice for the retail industry in the United States
