The CNBC/NRF Retail Monitor revealed a jump in retail sales during May, with clothing and accessories stores seeing a 1.44% month-over-month increase and a 6.24% year-over-year uptick, which the National Retail Federation (NRF)’s president believes is down to consumers’ resilient ability to spend.

The latest CNBC/NRF Retail Monitor data, released by the NRF, showcased a rebound in US consumer spending in May with clothing and accessories stores among the top-performing categories.

“May’s year-over-year gains are in line with what we saw earlier this year, and the month-over-month increases are the largest in more than a year. We believe this underscores that April’s moderation was an outlier.”

The Retail Monitor, powered by Affinity Solutions, revealed that total retail sales, excluding automobiles and gasoline, jumped 1.35% month-over-month and 3.03% year-over-year in May. These figures stand in contrast to April’s 0.26% monthly increase and a 0.6% year-over-year decline.

Core retail sales (excluding restaurants in addition to automobiles and gasoline) were found to be up 1.2% month over month in May and up 2.88% year over year. That compared with an increase of 0.4% month over month and a decrease of 0.05% year over year in April.

Total sales were up 2.13% year over year for the first five months of the year and core sales were up 2.48%. The month-over-month gains were the highest since April 2023, when total sales were up 1.13% and core sales were up 1.27%.

US retail sales also grew throughout March which the NRF explained was down to a combination of factors including an early Easter holiday, increased tax refunds, and a growing job market.

By Just Style