A fall in gas prices masked a 0.2% rise in May non-gas station retail sales, repeating what happened in April, said Jim Haughey, Newport Communications senior economist.
Together, April and May sales increased at a 2.5% annual rate. With declining goods prices, the volume gain is likely more than 3%. But it is mostly motor vehicles, he said.
Clothing, food and building material sales are down slightly from March with this loss offset by higher sales for electronics, appliances and furniture.
"The sales surge for consumer durables in the postwar period is usually a sign that consumers have confidence in continued improvement in the economic environment," Haughey said. "This was the clear message also in the latest consumer confidence survey results, and in a separate survey of consumer attitudes about credit."
Together, April and May sales increased at a 2.5% annual rate. With declining goods prices, the volume gain is likely more than 3%. But it is mostly motor vehicles, he said.
Clothing, food and building material sales are down slightly from March with this loss offset by higher sales for electronics, appliances and furniture.
"The sales surge for consumer durables in the postwar period is usually a sign that consumers have confidence in continued improvement in the economic environment," Haughey said. "This was the clear message also in the latest consumer confidence survey results, and in a separate survey of consumer attitudes about credit."
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