Retail sales slip in May but show strong year-over-year growth

Retail sales remained at elevated levels in May 2021, despite month-to-month fluctuations. According to the National Retail Federation, retail sales – excluding automobile dealers, gasoline stations and restaurants – fell 1.2% in May from April, but were up 17.3% unadjusted year-over-year. That compared with a month-over-month decline of 0.6% and a year-over-year increase of 30.9% in April. NRF’s numbers were up 22.3% unadjusted year-over-year on a three-month moving average.