(PRESS RELEASE) WASHINGTON — Data released today by the U.S. Census Bureau showed continued growth in core retail sales — which exclude autos, gas and restaurants — in May despite a downturn in overall sales amid on-again, off-again tariffs on imported merchandise, National Retail Federation Chief Economist Jack Kleinhenz said.
“We’re continuing to see growth for core retail sales this year at about the same pace as last year,” NRF Chief Economist Jack Kleinhenz said. “Despite a soft labor market, aggregate consumer spending has been supported by wage gains and an improvement in the stock market. Consumers are seeing their way through the uncertainty with trade policies, but I expect the inflation associated with tariffs to be felt later this year. Consumers remain very price sensitive, and those costs are likely to weigh heavily on consumer budgets.”
The Census Bureau said overall retail sales in May were down 0.9% seasonally adjusted month over month but up 3.3% unadjusted year over year. That compared with a decrease of 0.1% month over month and an increase of 5% year over year in April.
May’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were up 0.1% seasonally adjusted month over month and up 3.9% unadjusted year over year. Core sales were up 4.4% year over year on a three-month moving average and up 3.9% for the first five months of the year.
Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were up 0.23% seasonally adjusted month over month in May and were up 4.2% unadjusted year over year. That compared with increases of 0.9% month over month and 7.11% year over year in April.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
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Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
