Retail sales rebound in May
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Manufacturing News, Source : The Manufacturer US
Published : 13 Jun 2007 17:53
Washington, June 13, 2007—Consumers’ spending habits were revived in May as retailers showed healthy sales gains across the board, helping to ease concerns about a slowing economy. According to the National Retail Federation, retail industry sales for May (which exclude automobiles, gasoline stations, and restaurants) rose 4.7 percent unadjusted over last year and 1.1 percent seasonally adjusted from April.
May retail sales released today by the US Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gas stations, and restaurants) increased 1.4 percent seasonally adjusted from last month and a solid 5.4 percent unadjusted year-over-year.
“After a lackluster April, consumer spending rebounded nicely in May,” stated NRF Chief Economist Roz Wells. “With retail sales increasing, the economy is getting a much-needed boost.”
Industry sales in most sectors saw strong gains. Clothing and clothing accessories stores sales surged well past expectations, seeing a 2.7 percent increase seasonally adjusted over last month and a strong 9.1 percent increase unadjusted year-over-year. Health and personal care stores sales rose 0.8 percent seasonally adjusted from last month and 6.5 percent unadjusted over last year.
Showing the effect of the weak housing market, building material stores sales rose 2.1 percent seasonally adjusted from last month, but decreased 0.7 percent unadjusted over last year. Furniture and home furnishing stores sales rose a subdued 0.3 percent seasonally adjusted and 2.9 percent unadjusted over last year.
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