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U.S. retail sales rose sharply in May, increasing both month-over-month and year-over-year, the National Retail Federation reported.
Total sales, not counting gasoline and automobiles, were up 1.35 percent from April and three percent from May 2023, the federation reported.
The April-to-May data was adjusted for seasonal factors that typically impact retail sales. The year data was unadjusted.
In April, those numbers were an increase of 0.4 percent month-over-month and a decrease of 0.05 percent percent year over year.
“Consumers have retained their ability to spend, and are driving solid economic growth,” said Matthew Shay, federation president and chief executive officer, in the statement. “May’s year-over-year gains are in line with what we saw earlier this year, and the month-over-month increases are the largest in more than a year.”
The data, released June 10, was compiled by CNBC and the federation’s Retail Monitor.
