ARLINGTON, Va.—Total retail sales increased 0.3% in May, further reversing declines in February and March.
“While consumption remains under pressure from inflation and elevated interest rates, May’s report suggests consumers remain resilient to tightening economic conditions, supported by a substantial stock of excess savings, a robust labor market, and modest wage growth,” said NAFCU Economist Noah Yosif. “Furthermore, its choppy growth seen earlier this year could soon become more consistent as inflation recedes further and the current tightening cycle peaks.”
Sales within the control group, which excludes the auto, gas, and building material categories and is the basis of the Commerce Department's estimate of personal consumption expenditures, increased 0.2% in May, supplementing a 0.5% gain in April.
The new federal data show most industry sectors, with the exception of gasoline stations, exhibited positive growth. This trend was driven by building material, garden equipment, and supply dealers (+2.2%), as well as motor vehicle and parts dealers (+1.4%).
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