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CE, Majap Retail Sales Up 5% In May

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