Retail Sales Rise 0.7% In May 2012
Total retail sales in May 2012 rose 0.7%. Consumers spent $83.2 million on retail goods representing an increase of $0.5 million year over-year.
Liquor stores, all other store types, and building material stores all registered increases in sales. In contrast, motor vehicle dealers, apparel stores, service stations and food stores reported lower sales activity during the month.
Residents returning to the Island declared overseas purchases of goods valued at $5.6 million during May 2012. This was 11.1% lower than the $6.3 million declared in May 2011.
Combined local and overseas spending totalled $88.8 million. After adjusting for the annual retail sales rate of inflation measured at 3.4% in May 2012, the volume of retail sales fell by 1.1%.
The full report is below [PDF here] click ‘Fullscreen’ for greater clarity:
Total retail sales rose compared with May 2011 – so says the first line of the article – but the final sentence gives the real picture, stating that after adjustment for inflation sales fell compared with last year.
Unfortunately, I think the final sentence is closer to the real truth.