Press Releases

Consumer Spending Slows in May, Though Retailers Remain Cautiously Optimistic


After a surprisingly strong first quarter, consumers in May took a more practical approach to their spending. According to the National Retail Federation, the world’s largest retail trade association, May retail sales (excluding automobile, gas stations and restaurants) decreased 0.3 percent seasonally adjusted from April but increased 4.8 percent unadjusted year-over-year, marking 23 consecutive months of retail sales growth.