From Home Furnishing Business
Retail Sales Up 0.2 Percent in May
Excluding automobiles, gasoline stations and restaurants, retail sales rose 0.2 percent unadjusted over April according to NRF’s calculations. Overall U.S. retail sales increased 0.5 percent in May.
According to NRF Chief Economist Jack Kleinhenz, “May's retail sales show a solid reading, reinforcing that consumer spending continues to be a bright spot in the economy. Improvement in the labor market — which has seen additional jobs and rising wages — has no doubt influenced retail sales and shows that households are feeling better about spending and the economy.”
Although there were gains in clothing, sporting goods and electronics sales, the gains were offset by sliding sales in furniture, furnishings, general merchandise stores and building materials.
The report also indicates furniture and home furnishings stores’ sales decreased 0.1 percent over the previous month and decreased 0.7 percent unadjusted over last year. It also highlights, among other things, sales at building materials and supplies stores decreased 1.8 percent over the previous month and increased 5/2 percent unadjusted year-over-year. According to the report electronics and appliances stores’ sales increased 0/3 percent seasonally adjusted month-to-month and decreased 3.4 percent unadjusted year-over-year.