Retail Sales Increase In May; E-Commerce A Highlight

Retail Sales Increase In May; E-Commerce A Highlight

Americans opened their wallets in May, giving the economy a boost.

Retail and restaurant sales were up 0.5% month-over-month and 3.2% higher year-over-year, the Commerce Department said Friday.

Adjusted sales were $519 billion in the month, while data for April was also revised upward, making for two months of strong consumer spending after a slowdown in the first three months of the year.

Despite more robust retail sales, inflation only edged up slightly in the month, the Bureau of Labor Statistics reported earlier this week.

A big part of the increase in retail sales last month came from an 11.4% jump in non-store retailers, including online sellers, over the same month a year ago.

Sporting goods retailers, hobby and music stores and bookstores saw year-over-year declines. 

Grocery store spending was flat month-to-month, but up 1.7% over the previous year. Restaurant spending was up slightly month-over-month, and up 3.7% year-over-year. Gas station sales rose 0.3% over April.

Related Links: 

Low Inflation In May Likely To Boost Expectations For Fed Rate Cut

June Economic Roundup

 
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