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Retail sales slowed in May as consumers faced continuing inflation and higher prices for essentials like food and gasoline, according to the National Retail Federation (NRF).
Consumers accustomed to inflation continued to spend in April as retail sales overcame higher prices to show both monthly and year-over-year increases.
Retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the COVID-19 omicron variant affected the supply chain.
The National Retail Federation issued its annual forecast, anticipating that retail sales will grow between 6 percent and 8 percent to more than $4.86 trillion in 2022.
Retail sales powered through COVID-19’s omicron variant, inflation, and other challenges to post strong increases in January, according to the NRF.
Securitas is expanding its presence in the tech sector with a new sales organization dedicated to the technology and infrastructure space led by Ron Posner.