US retail sales had been trending up since late 2015 but, beginning in late-2018, a series of weak or negative monthly results led to a drop-off in the annual growth rate. Subsequent sales figures formed a downtrend which brought the annual rate below 2.0% by the end of the year. Growth in the March quarter was quite strong and, so far, the June quarter is looking positive.
According to the latest “advance” sales numbers released by the US Census Bureau, total retail sales increased by 0.5% in May, just under the +0.6% which had been expected and an improvement on April’s revised figure of +0.3%. On an annual basis, the growth rate slowed to 3.2% from April’s revised rate of 3.7%.
ANZ economist Kishti Sen said the report’s latest figures, along with revisions to April’s figures, “will help to stabilise anxiety about the outlook for the consumer during these turbulent times.”
