NRF: Retail sales inch up in May |
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6/12/2009 3:22:15 PM
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Washington--Retail industry sales for May increased 0.2 percent seasonally adjusted from April, but dropped 4.7 percent unadjusted year-over-year, due mostly to the absence this year of economic-stimulus checks, according to the latest report from the National Retail Federation (NRF).
May retail sales released today by the U.S. Commerce Department show total retail sales (including non-general-merchandise categories such as automobiles, gas stations and restaurants) increased 0.5 percent seasonally adjusted from April, but decreased 11.1 percent unadjusted year-over-year.
"With no direct stimulus for consumers this year, retailers were left with tougher comparisons, making May retail sales appear weak," NRF Chief Economist Rosalind Wells said in a media release. "However, a slight sales increase from April provides hope that the economic turnaround may not be that far off."
With or without rebate checks, consumers were still spending freely on necessities in May: Sales at health and personal-care stores increased 0.7 percent seasonally adjusted month-to-month and 3.3 percent unadjusted year-over-year.
Meanwhile, sales at building material, garden equipment and supplies dealers increased a solid 1.3 percent seasonally adjusted from April, but decreased 12.8 percent unadjusted year-over-year.
Sales at sporting goods, hobby, book and music stores dipped 0.8 percent seasonally adjusted month-to-month and decreased 2.6 percent unadjusted year-over-year. Sales at clothing and clothing accessories stores increased 0.4 percent seasonally adjusted from April, but decreased 8.9 percent unadjusted year-over-year.
The NRF is the largest retail trade association in the world, with members including department, discount, drug, grocery, independent and specialty stores, catalog merchants, chain restaurants and e-tailers, as well as the industry's key trading partners of retail goods and services.
For more information about the NRF, visit its Web site, NRF.com. |
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