Consumer Behavior

Census retail sales reveal healthy consumer

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June 26, 2024

The growth in retail sales in May reveals a "reasonably healthy consumer," according to National Retail Federation Chief Economist Jack Kleinhenz despite the fact spending growth is in fluctuation.

The NRF leader based his viewpoint on data related by the U.S. Census Bureau this month that revealed overall retail sales in May were up 0.1% month over month and 2.3% for year over year.

"Inflation pressure has fallen, especially for retail goods, but higher prices for services continue to weigh on the minds of households," Kleinhenz said in a press release.