May 2011 retail and food services sales were $387.1 billion, down 0.2% from April, but up 7.7% from May 2010. Excluding autos, retail and food services sales in May were $322.0 billion, up 0.3% from April and up 8.2% from May 2010.
April 2011 retail and food services sales were $389.4 billion, up 0.5% from March and up 7.6% from April 2010. Excluding autos, retail and food services sales in April were $321.2 billion, up 0.6% from March and up 6.9% from April 2010.
When it comes to tracking the economy, consumer spending is a biggie, and retail sales has a lot to say about how consumer spending is evolving. Today's retail sales release suggests that consumer spending continues to rise (there are some good reasons for that), and these increases are split between higher spending on gas and spending on a bunch of other stuff. Overall, today's report will be welcomed as good news, as the April numbers came in close to expectations and the March estimates were revised significantly upward.
We’ve talked recently about how the price of oil impacts U.S. trade and the average American’s pocketbook, but we’ll take a different angle here to look at how the price of oil impacts retail sales in anticipation of the April advance retail sales figures to be released tomorrow, Thursday, May 12.
Rising fuel costs are an immediate drain on our wallets, but it also means that grocery stores and warehouse clubs can take advantage of our taste for fuel and our desire to save a few cents per gallon to get us in the door.
Today’s report on retail sales is largely in line with expectations and holds few surprises: total sales increased 0.4 percent in March following a 1.1 percent gain in February. The other good news is that the data from January and February were revised upward a tad (the technical definition of “a tad” is a tenth of a percentage point in growth rates).
