CONSUMER SPENDING ROSE 0.3% IN MAY

Key Points:

  • Retail sales, a measure of purchases at stores, restaurants and online, rose 0.3% in May from April after rising 0.4% in May.
  • Consumers spent more at most categories of retailers, including grocery, furniture and electronics stores.
  • Excluding autos, retail sales also rose by 0.4% over the month.
  • Retail sales were 1.6% above May 2022 but CPI data released earlier this week shows prices have increased 4.0% in the last year.
  • Total sales for the March 2023 through May 2023 period were up 1.7% from the same period a year ago.
  • The Right Facts will continue to monitor retail sales.
Source