The CNBC/NRF Retail Monitor revealed a jump in retail sales during May, with clothing and accessories stores seeing a 1.44% month-over-month increase and a 6.24% year-over-year uptick, which the National Retail Federation (NRF)’s president believes is down to consumers’ resilient ability to spend.
The latest CNBC/NRF Retail Monitor data, released by the NRF, showcased a rebound in US consumer spending in May with clothing and accessories stores among the top-performing categories.
“Consumers have clearly retained their ability to spend and are driving solid economic growth,” NRF president and CEO Matthew Shay said. “Spending is being supported by the job market and real wage gains. Inflation remains stubborn but is almost entirely in services rather than retail goods.
“May’s year-over-year gains are in line with what we saw earlier this year, and the month-over-month increases are the largest in more than a year. We believe this underscores that April’s moderation was an outlier.”
The Retail Monitor, powered by Affinity Solutions, revealed that total retail sales, excluding automobiles and gasoline, jumped 1.35% month-over-month and 3.03% year-over-year in May. These figures stand in contrast to April’s 0.26% monthly increase and a 0.6% year-over-year decline.
Core retail sales (excluding restaurants in addition to automobiles and gasoline) were found to be up 1.2% month over month in May and up 2.88% year over year. That compared with an increase of 0.4% month over month and a decrease of 0.05% year over year in April.
Total sales were up 2.13% year over year for the first five months of the year and core sales were up 2.48%. The month-over-month gains were the highest since April 2023, when total sales were up 1.13% and core sales were up 1.27%.
US retail sales also grew throughout March which the NRF explained was down to a combination of factors including an early Easter holiday, increased tax refunds, and a growing job market.
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