May Retail Sales Update

According to the National Retail Federation (NRF), May retail sales fell from last year in part due to the lack of stimulus checks from Uncle Sam. Consumers had less money in their pockets to spend last month. Retail industry sales for May (which exclude automobiles, gas stations, and restaurants) increased 0.2 percent seasonally adjusted from April but dropped 4.7 percent unadjusted over last year. May retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.5 percent seasonally adjusted over April and decreased 11.1 percent unadjusted year-over-year. Sporting goods, hobby, book and music stores sales dipped 0.8 percent seasonally adjusted month-to-month and decreased 2.6 percent unadjusted over April. Sales at clothing and clothing accessories stores jumped 0.4 percent seasonally adjusted month-to-month, but decreased 8.9 percent unadjusted...