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WASHINGTON — Retail sales in May rebounded from a tepid April, according to the latest CNBC/NRF Retail Monitor, released June 10 by the National Retail Federation.
Total retail sales, excluding automobiles and gasoline, increased 1.3% seasonally adjusted from April and were up 3% unadjusted year over year, according to the report.
May’s month-over-month increase was the largest in more than a year, suggesting that April’s modest 0.2% increase was an outlier at a time when a strong job market and rising wages are permitting consumers to drive solid economic grow, says Matthew Shay, NRF’s president and chief executive officer.
“Inflation remains stubborn but is almost entirely in services rather than retail goods,” according to Shay.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 1.2% month over month in May and up 2.9% year over year. That compared with an increase of 0.4% month over month and a slight year-over-year decline in April.
Total sales were up 2.1% year over year for the first five months of the year, and core sales were up 2.5%. The month-over-month gains were the highest since April 2023.
