In May 2024, US retail sales, excluding automobiles and gasoline, saw a 1.35% increase compared to the previous month, based on data from the CNBC-NRF Retail Monitor by the National Retail Federation. Year-over-year sales also rose by 3.03%. This is a significant improvement from April, which only saw a 0.26% monthly increase and a 0.6% YoY decrease.
In May, five out of nine retail categories saw growth, including online sales and clothing stores. Online and non-store sales increased by 2.09% month over month and 17.91% year over year. Clothing and accessory stores also experienced growth, with a 1.44% month-over-month increase and a 6.24% year-over-year rise according to NRF.
Core retail sales, excluding certain sectors, rose by 1.2% in May compared to April, and by 2.88% year over year. This is a significant improvement from April’s numbers, which saw a smaller month-over-month increase and a slight year-over-year decrease. The overall trend in 2024 has been positive, with total sales up by 2.13% year over year and core sales up by 2.48%. May’s gains were the highest since April 2023.
The NRF president and CEO, Matthew Shay, stated that consumers are still spending and fueling economic growth. This spending is supported by job market stability and wage increases. Inflation is primarily in services, not retail goods. May’s year-over-year gains match previous trends, with the largest gains seen in over a year. This shows that April’s decrease was not the norm.
