Cautious consumers kept spending in check in May.
Retail sales in May were essentially unchanged on a seasonally adjusted basis after an upwardly revised gain of 0.6% in April, according to the National Retail Federation. The NRF numbers exclude automobiles, gasoline stations and restaurants.
In May, sales were 5.3% above the year-ago level on an unadjusted basis and increased four percent on a 3-month moving average year-over-year.
