News

May retail sales enjoyed healthy boost

June 29, 2018

May retail sales increased 5.6 percent compared to a year ago and 0.7 percent compared to April, according to the National Retail Federation.

"The economy is looking strong and households have a solid financial foundation on which to base their spending," NRF Chief Economist Jack Kleinhenz said in a press release, noting increased take-home pay, unemployment at a long-time low and good availability of consumer credit as reasons for the sales boost.

"We have seen ongoing momentum over the last several months and believe sales growth should remain healthy and consistent with our 2018 outlook. Nonetheless, inflation and rising oil prices are complicating the picture. And new tariffs or a trade war would certainly be negatives that would increase prices and reduce both consumer purchasing power and consumer confidence," he stated in the release.

April was up 0.5 percent compared to this past March and 2.8 percent year over year. NRF's figures are based on data from the U.S. Census Bureau data.