May saw retail sales growth despite some fluctuations in spending growth, according to National Retail Federation Chief Economist Jack Kleinhenz. Despite inflation pressure decreasing, higher prices for services remain a concern for households. The Census Bureau reported that overall retail sales in May increased by 0.1% seasonally adjusted month over month and 2.3% unadjusted year over year, while core retail sales were up 0.3% seasonally adjusted month over month and 2.9% unadjusted year over year. The CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales increased by 1.2% seasonally adjusted month over month and 2.88% year over year in May, compared with an increase of 0.4% month over month and a decrease of 0.05% year over year in April. As the leading authority on the retail industry, NRF provides monthly data on retail sales and forecasts annual retail sales and spending for key periods like the holiday season.
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