Total US sales from March 2024 through to May 2024 were up 2.9%. Credit: Shawn Goldberg/Shutterstock.

Retail and foodservice sales in the US saw a modest increase in May 2024, according to the latest data from the country’s Census Bureau.  

The figures show a seasonally adjusted month-on-month growth of 0.1%, with a 2.3% rise compared to the same period of 2023.  

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In May 2024, retail trade sales experienced a 0.2% increase from April and were 2% higher than those recorded the previous year.  

The data also revealed that nonstore retailers reported a significant 6.8% increase from 2023. Food services and drinking venues saw a 3.8% rise from May 2023.  

Core retail sales, which exclude car dealers, gasoline stations and restaurants, were up by 0.3% month-on-month and 2.9% year-on-year. 

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In the first five months of 2024, core retail sales increased by 3.5% year-on-year, aligning with the National Retail Federation’s (NRF) prediction that 2024 retail sales would grow between 2.5% and 3.5%.

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NRF chief economist Jack Kleinhenz said: “May’s retail sales give us a snapshot of a reasonably healthy consumer, even though spending growth is fluctuating somewhat. 

“These numbers indicate that the economy continues to expand at a solid pace. Job gains have remained strong, generally supporting consumers’ ability and willingness to spend. Inflation pressure has fallen, especially for retail goods, but higher prices for services continue to weigh on the minds of households.” 

In a separate report in June 2024, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, revealed that core retail sales increased by 1.2% month-on-month in May and were up 2.88% year-on-year.  

This contrasts with the April 2024 figures, which showed a 0.4% month-on-month increase and a slight 0.05% decrease year-on-year.