US retail sales reached near-record level in May: NRF

Retail sales in the US remained at elevated levels in May despite month-to-month fluctuations that masked near-record performance, according to the National Retail Federation (NRF). Retail sales at clothing and clothing accessory stores in May were up 3 per cent month-over-month seasonally adjusted and up 198.7 per cent unadjusted year-over-year.

“While May retail sales were down slightly, largely due to supply chain constraints, the more accurate indicator remains in the year-over-year data which, as the NRF calculates, showed growth of over 17 percent,” NRF president and CEO Matthew Shay said. “For the first five months of this year, retail sales are already tracking 17.6 per cent above the same five months of 2020, giving us further confidence in our newly revised sales forecast of growth between 10.5 per cent and 13.5 per cent to more than $4.44 trillion for 2021. While there are downside risks related to labour shortages, supply chain bottlenecks, tax increases and over-regulation, overall, households are healthier, and consumers are demonstrating their ability and willingness to spend. We are confident.”