Consumer Spending Slows in May Jun 29, 2012

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After a surprisingly strong first quarter, consumers in May took a more practical approach to their spending, according to the National Retail Federation's read of U.S. Department of Commerce data. NRF said May retail sales (excluding cars, gas stations, and restaurants) were down 0.3% seasonally adjusted from April but increased 4.8% unadjusted year-over-year, marking 23 consecutive months of retail sales growth.

Electronics and appliance store sales were up 0.8% seasonally - adjusted month-to-month and 1.2% unadjusted year-over-year.

NRF Chief Economist Jack Kleinhenz said that, despite the economy's occasionally sputtering, "Consumers are benefiting from the slow but steady decline in gasoline prices and we expect growth will resume, and should pick up through the fall."

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