Retail Sales Surge in May, Electronics Drop
Retail sales posted a huge gain in May, rising 0.6 percent over the previous month and 4.8 percent over the same time last year.
The electronics and appliance category, however, dropped 0.4 percent.
“The economy is improving, albeit slowly, but we still have a long way to go,” NRF chief economist Jack Kleinhenz said as part of the announcement.
“Stagnant salaries continue to constrain further economic acceleration. While sequester and tax increases dampened sales growth in the first quarter, it appears that the economy absorbed most of the blow.”