Retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation (NRF).
“Retail sales maintained momentum in May, driven by a resilient labor market and consumers’ continued willingness to spend on retail goods despite pressure from elevated gas prices, tariffs and the conflict in the Middle East,” NRF President and CEO Matthew Shay said. “As support from this year’s large tax refunds fades, consumers are prioritizing essentials and finding creative ways to stretch their household budgets. To support them, retailers are actively engaging their supply chains and supplier networks to keep prices affordable.”
Total retail sales, excluding automobile dealers and gasoline stations, were up 0.42% seasonally adjusted month over month and up 7.19% unadjusted year over year in May, according to the Retail Monitor. That compared with increases of 0.34% month over month and 5.73% year over year in April.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was up 0.39% month over month in May and was up 6.98% year over year. That compared with increases of 0.34% month over month and 5.53% year over year in April.
