Consumer Behavior

May retail sales reflect growth once again

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June 16, 2026

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Retail sales grew for the eighth consecutive month, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.

"Retail sales maintained momentum in May, driven by a resilient labor market and consumers' continued willingness to spend on retail goods despite pressure from elevated gas prices, tariffs and the conflict in the Middle East," NRF President and CEO Matthew Shay said in a press release on the data. "As support from this year's large tax refunds fades, consumers are prioritizing essentials and finding creative ways to stretch their household budgets. To support them, retailers are actively engaging their supply chains and supplier networks to keep prices affordable."

Total retail sales, excluding automobile dealers and gasoline stations, were up 0.42% seasonally adjusted month over month and up 7.19% unadjusted year over year in May. That compared with increases of 0.34% month over month and 5.73% year over year in April.