|
NRF Says Cool Weather and Wary Consumers Bring Lethargic May Retail Sales
WASHINGTON, DC, Jun 13, 2001/ --- The month of May brought flowers for
Mother's Day, but little else that could bring consumers out of their slump
and get them excited about shopping.
Responding to figures released today by
the Census Bureau, the National Retail Federation (NRF) noted that all
categories of merchandise showed the effects of unseasonably cool weather and
the continuing sluggish economy in May.
Retail sales for the month remained
listless, with total sales rising only 0.1 percent seasonally adjusted from
April. Sales in the GAF category (general merchandise, apparel, furniture,
home furnishings, electronics and appliance stores) were also weak in May --
declining 0.8 percent seasonally adjusted from the previous month, and
advancing a modest 1.4 percent year-over-year.
"We expect sales to improve in the coming months as the economy begins to
pick up steam and better weather stimulates seasonal merchandise," said NRF
Chief Economist Rosalind Wells. "In the second half of the year, we expect
that the aggressive interest rate-lowering moves made by the Fed will begin to
have an effect on economic activity. The distribution of tax rebates to
consumers over the next several months should also help buoy disposable income
and consumer confidence -- and in turn, spending and retail sales."
Sales at general merchandise and apparel specialty stores were both up 2.4
percent compared to a year ago. Sales at furniture, home furnishing,
electronic and appliance stores fell by 1.3 percent compared to a year ago.
|