According to the National Retail Federation, May retail industry sales (which exclude automobiles, gas stations and restaurants) decreased 1.4 percent compared to April—but were up 2.7 percent compared to May 2009.
“May retail sales results represent a reminder of the uncertainty that still exists in the economy,” said NRF President and CEO Matt Shay. “The road to recovery is paved with caution as consumers remain concerned about key indicators such as employment and housing.”
“Even though May sales were not as strong as previous months, we remain encouraged by the steady pace of the economic recovery,” said Rosalind Wells, Chief Economist for NRF. “Ultimately consumer momentum will be tied to our economy’s ability to add private sector jobs.”
While not as robust as seen over the course of the year so far, retail sales in some sectors did report slight increases. Sales at furniture and home furnishing stores increased 1.0 percent seasonally adjusted month-to-month and 4.6 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales increased 0.4 percent seasonally adjusted from April and 3.3 percent unadjusted over last year. Electronics and appliance stores sales increased 0.6 percent seasonally adjusted from last month and 4.6 percent unadjusted over last year.
