“The American consumer continues to drive the U.S. economy,” NRF President and CEO Matthew Shay said. “In spite on fluctuating gas prices, severe weather in much of the country and fiscal policy uncertainty, consumers continue to demonstrate an inherent resiliency and flexibility. We should never underestimate the role and strength of the American shopper or the retailers that serve them.”
May retail sales, released today by the U.S. Department of Commerce, showed that total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.6 percent seasonally adjusted month-to-month and increased 4.3 percent adjusted year-over-year.
“Stronger employment data and increasing home and equity prices lifted confidence and spending this spring,” NRF Chief Economist Jack Kleinhenz said. “The economy is improving, albeit slowly, but we still have a long way to go. Stagnant salaries continue to constrain further economic acceleration. While sequester and tax increases dampened sales growth in the first quarter, it appears that the economy absorbed most of the blow.”
Other findings from the May retail sales report include:
• Building material and garden equipment and supplies dealers stores’ sales increased 0.9 percent seasonally-adjusted and increased 9.3 percent unadjusted year-over-year.
• Clothing and clothing accessories stores' sales decreased 0.2 percent seasonally-adjusted month-to-month yet increased 4.8 percent unadjusted year-over-year.
• Electronics and appliance stores’ sales decreased 0.4 percent seasonally-adjusted month-to-month and decreased 0.2 percent unadjusted year-over-year.
• Furniture and home furnishing stores’ sales decreased 0.8 seasonally-adjusted month-to-month yet increased 0.1 percent unadjusted year-over-year.
• General merchandise stores’ sales increased 0.5 percent seasonally-adjusted month-to-month and increased 2.3 percent unadjusted year-over-year.
• Health and personal care stores’ sales increased 0.2 percent seasonally-adjusted month-to-month and increased 0.5 percent unadjusted year-over-year.
• Nonstore retailers’ sales increased 0.7 percent seasonally-adjusted month-to-month and increased 11.5 percent unadjusted year-over-year.
• Sporting goods, hobby, book and music stores’ sales increased 0.6 percent seasonally-adjusted month-to-month and increased 1.8 percent unadjusted year-over-year.
As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities at home and abroad, and the critical role that retail plays in driving innovation. www.nrf.com
Source NRF through Press release
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