NRF says retail sales increased again in May despite retail real estate pulling back

Retail sales rose again in May as consumers continued to spend despite economic challenges, the National Retail Federation said.

“Consumers continued to spend on household priorities in May, supported by gains in the job market and wages,” said Matthew Shay, NRF president and CEO. “Retailers recognize the ongoing pressure on cost-sensitive consumers and are offering competitive pricing, a wide product mix and convenient shopping options to help stretch family budgets.”

“This was a positive report with no sign of an abruptly slowing economy despite what has happened with inflation and interest rate pressures,” said Jack Kleinhenz, NRF chief economist. “Even though shoppers dialed back in some categories on a year-over-year basis, these numbers confirm that consumers still have the capacity to spend. Job growth and wages are providing buoyancy, although inflation continues to take a bite out of consumer income. May is typically a strong month for retail as