by Calculated Risk June 18, 2024, 8:30 AM
On a monthly basis, retail sales were “nearly flat” (seasonally adjusted) from March to April and increased 3.0% from April 2023.
From the Census Bureau report:
Preliminary U.S. retail and food service sales for May 2024, adjusted for seasonal and holiday/trading day differences but not price changes, were $703.1 billion, up 0.1% from the previous month and up 2.3% from May 2023. … The percentage change from March 2024 to April 2024 was revised down 0.2% from roughly flat.
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This graph shows retail sales since 1992. It is seasonally adjusted monthly retail sales and food service sales (total and excluding gasoline).
Retail sales excluding gasoline increased 0.3% in May.
The second chart shows the year-over-year change in retail and food service sales (excluding gasoline) since 1993.
Sales in the retail and restaurant industries, excluding gasoline, increased 2.6% from the previous year.
The change in sales in May was less than expected, and sales for March and April were also revised downward.
