“May retail sales declined slightly, primarily due to supply chain constraints, but the NRF calculated that more accurate indicators of growth of over 17% remain in the year-over-year data. “NRF President and CEO Matthew Shay said. Said. “In the first five months of the year, retail sales have already exceeded 17.6% in the same five months of 2020, with a newly revised forecast of growth of over $ 4.44 between 10.5% and 13.5%. There are downside risks associated with labor shortages, supply chain bottlenecks, tax increases and over-regulation, but overall, households are healthier and consumers have the ability and willingness to spend. We are confident. “
“Monthly comparisons and rates of change simply don’t tell a story,” said Jack Kleingents, Chief Economist at NRF. “We’re spending a very high level and the amount of money in the last few months is some of the highest we’ve ever seen. The long-term trend in the number of dollars spent is sales. It speaks much more about the ongoing economic recovery than whether the highs increased or decreased each month. Retail sales calculated by the NRF were the second highest in the May record, December. Demand remains strong despite the diminished intensive impact of government stimulus measures. Demand for retail products remains stagnant and consumers are in the summer. May stay on a growth track towards. “
Meanwhile, according to the US Census Bureau, retail sales in May fell 1.3% seasonally from April, but increased 28.1% year-on-year. This is compared to a month-on-month increase of 0.9% and a year-on-year increase of 53.4% in April. Year-over-year growth in April and May was unusually high as most stores were closed due to a pandemic last year. According to census data, monthly sales have increased year-on-year since June 2020, despite monthly declines.
The NRF’s retail sales calculation focuses on core retail, excluding car dealers, gas stations and restaurants, but May was seasonally adjusted and down 1.2% from April, but unadjusted. It increased by 17.3% year-on-year. This is compared to a decrease of 0.6% month-on-month in April and an increase of 30.9% year-on-year. NRF figures are a three-month moving average, unadjusted, up 22.3% year-on-year.
Unadjusted May sales calculated by the NRF totaled $ 388.6 billion, the second highest level of spending ever, just above December’s $ 414.7 billion.
Fiber2Fashion News Desk (RKS)
According to the National Retail Federation (NRF), US retail sales remained high in May, despite monthly fluctuations that masked near-record performance. Retail sales of clothing and garment accessories stores in May were seasonally adjusted, up 3% month-on-month and unadjusted, up 198.7% year-on-year.
US retail sales reached near record levels in May: NRF
Source link US retail sales reached near record levels in May: NRF