Updated: 17-Jun-25 09:39 ET
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Updated: 17-Jun-25 09:39 ET |
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Highlights
- Retail sales declined 0.9% month-over-month in May (Briefing.com consensus -0.6%) following a downwardly revised 0.1% decline (from 0.1%) in April.
- Excluding autos, retail sales fell 0.3% month-over-month (Briefing.com consensus 0.1%) following a downwardly revised unchanged reading (from 0.1%) in April.
Key Factors
- Motor vehicle and parts dealer sales declined 3.5% month-over-month following a 0.6% decline in April.
- Furniture and home furnishing store sales rose 1.2% month-over-month following a 0.7% increase in April.
- Building material and garden equipment and supplies dealer sales dropped 2.7% month-over-month following a 0.3% increase in April.
- Food and beverage store sales were down 0.7% month-over-month following an unchanged reading in April.
- General merchandise store sales rose 0.1% month-over-month following a 0.1% decline in April.
- Nonstore retailer sales increased 0.9% month-over-month following a 0.4% increase in April.
Big Picture
- This was not a good report in terms of hard economic data. It reflected a more cautious-minded consumer, who, in general, pulled back spending on goods. Clothing and accessories store sales (+0.8%) were a surprising outlier, but otherwise, there was a retrenchment in spending in many discretionary categories, including electronics and appliance store sales (-0.6%) and food services and drinking places (-0.9%). This report will help support arguments that the Fed should be cutting rates soon.
Category |
MAY |
APR |
MAR |
FEB |
JAN |
Retail Sales |
-0.9% |
-0.1% |
1.5% |
0.0% |
-0.9% |
Excluding Autos |
-0.3% |
0.0% |
0.6% |
0.4% |
-0.3% |
Durable goods |
|
|
|
|
|
Building Materials |
-2.7% |
0.3% |
2.0% |
-0.2% |
-1.8% |
Autos/parts |
-3.5% |
-0.6% |
5.3% |
-1.4% |
-3.3% |
Furniture |
1.2% |
0.7% |
0.1% |
0.6% |
-1.4% |
Nondurable goods |
|
|
|
|
|
General Merchandise |
0.1% |
-0.1% |
0.0% |
-0.3% |
0.7% |
Food |
-0.7% |
0.0% |
0.0% |
0.2% |
0.1% |
Gasoline stations |
-2.0% |
-0.7% |
-2.8% |
-0.7% |
1.1% |
Clothing |
0.8% |
0.0% |
1.1% |
-0.1% |
-0.5% |
e*retailing/non-store |
0.9% |
0.4% |
0.5% |
1.4% |
-1.0% |