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• Retail trade sales in May 2023 increased by 0.3% compared to the previous month, reaching approximately $598.6 billion. This also represents a 0.7% increase from the same period last year.
• Nonstore retailers, including online and direct-to-consumer sales, saw a 0.3% month-on-month increase in sales, reaching around $112.2 billion. Year-on-year, nonstore retailers experienced a significant 6.5% increase.
• The data suggests a stable and gradual recovery in consumer spending, with online shopping showing continued growth and popularity.
In May 2023, the retail trade sector in the United States experienced a modest increase in sales, with nonstore retailers leading the way, according to the U.S. Census Bureau’s monthly advance estimate report. The data provides insight into the current state of the retail industry.
Monthly advance estimate of retail trade sales for May 2023 was about $598.6 billion according to U.S. Census Bureau, which was 0.3% increase from last month and 0.7% increase from last year.
Retail trade sales for May 2023 were estimated at approximately $598.6 billion, indicating a 0.3% increase compared to the previous month. Additionally, when compared to the same period last year, retail trade sales saw a 0.7% increase.
The 0.3% month-on-month growth in retail trade sales indicates a positive trend in consumer spending, albeit at a modest pace. This growth, along with the 0.7% year-on-year increase, reflects a slow but steady recovery for the retail sector.
Monthly advance estimate of nonstore retailers sales for May 2023 was about $112.2 billion according to U.S. Census Bureau, which was 0.3% increase from last month and 6.5% increase from last year.
Nonstore retailers, a category encompassing online and direct-to-consumer sales, performed well in May 2023. The sector recorded sales of around $112.2 billion, representing a 0.3% increase from the previous month and a notable 6.5% increase from the same period last year.
The strong performance of nonstore retailers demonstrates the increasing popularity and convenience of online shopping. Consumers’ growing comfort with e-commerce platforms and the continued expansion of digital retail options likely contributed to the sector’s robust sales growth.
In conclusion, the U.S. retail trade sector experienced a modest 0.3% increase in sales in May 2023, with nonstore retailers leading the way with a similar growth rate. These figures indicate a gradual recovery and stable consumer spending. The sustained growth in online sales highlights the changing dynamics of the retail industry, with consumers increasingly turning to digital platforms for their shopping needs.