US retail sales slowed in May as consumers faced continuing inflation and higher prices for essentials like food and gasoline, the National Retail Federation (NRF) said.<\/p>\n\n\n\n
\u201cRetail sales are reflecting Americans\u2019 growing concern about inflation and its impact on the cost of everything from groceries to gas,\u201d NRF President and CEO Matthew Shay said. \u201cRetailers are doing what they can to keep prices down, but we continue our call on the administration to repeal unnecessary and costly tariffs on goods from China to relieve pressure on American consumers and their family budgets.\u201d<\/p>\n\n\n\n
\u201cThere\u2019s been little relief from inflation, and we expected some cooling off in sales in reaction to prices, NRF Chief Economist Jack Kleinhenz said. \u201cThere have been swings across sectors that reflect the impact of both higher prices and supply chain disturbances, and higher interest rates are expected to curb spending going forward. As inflation continues, consumers are looking for ways to stretch their dollars by saving less, tapping into savings accumulated during the pandemic and increasing their use of credit.\u201d<\/p>\n\n\n\n
The U.S. Census Bureau said overall retail sales in May were down 0.3% seasonally adjusted from April but up 8.1% year over year. That compared with increases of 0.7% month over month and 7.8% year over year in April.<\/p>\n\n\n\n
NRF\u2019s calculation of retail sales \u2013 which excludes automobile dealers, gasoline stations and restaurants to focus on core retail \u2013 showed May was unchanged seasonally adjusted from April but up 6.7% unadjusted year over year. In April, sales were up 0.4% month over month and up 5.5% year over year.<\/p>\n","protected":false},"excerpt":{"rendered":"
US retail sales slowed in May as consumers faced continuing inflation and higher prices for essentials like food and gasoline, the National Retail Federation (NRF) said. \u201cRetail sales are reflecting Americans\u2019 growing concern about inflation and its impact on the cost of everything from groceries to gas,\u201d NRF President and CEO Matthew Shay said. \u201cRetailers…<\/p>\n","protected":false},"author":1,"featured_media":15832,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-15829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n