Thursday, June 13, 2013

Retail Sales Rose 0.6% in May

Retail sales performed better than expected in May, rising 0.6%. May’s growth follows an upward revision to March, which was revised to a 0.3% decline. Retail sales are now 4.3% above year ago levels, a return to the strong year over year growth seen earlier this year in January and February. The jump in sales is largely attributed to a 1.8% increase in auto sales.

Led by an increase in auto sales, building materials also grew 0.9% from the previous month.

Excluding auto and gas, sales improved 0.3% from April.

Despite May’s growth, there were several areas where sales declined from the previous month. Furniture and home furnishings led the decline, at 0.8%. Electronics and appliances as well as food service and drinking places both decreased 0.4%.

Read the Census release.

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