CE, Majap Retail Sales Up 5% In May

Publish date:
Social count:

Washington - Sales of consumer electronics and major appliances rose 5 percent year over year in May to $8.6 billion, according to the U.S. Commerce Dept.'s monthly retail tallies.

But viewed sequentially, CE and majap retail sales were relatively flat from April, edging up just 0.6 percent.

By comparison, total retail sales, including restaurants and car dealerships, increased 6.9 year over year in May, and slipped -1.2  percent  from April.

The government figures were seasonally adjusted for calendar variations.

"May retail sales results represent a reminder of the uncertainly that still exists in the economy," observed Matt Shay, president/CEO of the National Retail Federation, an industry trade group. "The road to recovery is paved with caution as consumers remain concerned about key indicators such as employment and housing."

NRF chief economist Rosalind Wells added: "Even though May sales were not as strong as previous months, we remain encouraged by the steady pace of the economic recovery. Ultimately consumer momentum will be tied to our economy's ability to add private sector jobs."


Related Articles