Here's where retail sales are growing
Spending at health and personal care stores surged in June while Americans shifted more of their shopping online.
According to the National Retail Federation, June retail sales were up 0.07 percent seasonally adjusted from May’s strong performance and increased 4.2 percent unadjusted year-over-year as economic growth continued despite the U.S. trade war with China and other countries. These numbers exclude automobiles, gasoline stations and restaurants.
Online and other non-store sales were up 7.3 percent year-over-year and up 1.3 percent month-over-month seasonally adjusted. Health and personal care stores were up 5.8 percent year-over-year and up 2.2 percent month-over-month seasonally adjusted.
These results build on an improvement seen in May, which was up one percent monthly and up 6.1 percent year-over-year. The three-month moving average was up 4.4 percent over the same period a year ago, matching the top end of NRF's forecast that 2018 retail sales will grow between 3.8 percent and 4.4 percent over 2017.
Specifics from key retail sectors during June include:
- Clothing and clothing accessory stores were up 4.6 percent year-over-year but down 2.5 percent month-over-month seasonally adjusted.
- Furniture and home furnishings stores were up 4.4 percent year-over-year and up 0.6 percent month-over-month seasonally adjusted.
- Grocery and beverage stores were up 4.2 percent year-over-year but down 0.3 percent month-over-month seasonally adjusted.
- General merchandise stores were up 3.1 percent year-over-year but down 0.8 percent month-over-month seasonally adjusted.
- Building materials and garden supply stores were up 2.8 percent year-over-year and up 0.8 percent month-over-month seasonally adjusted.
- Electronics and appliance stores were up 1.6 percent year-over-year but down 0.4 percent month-over-month seasonally adjusted.
- Sporting goods stores were down 3.7 percent year-over-year and down 3.2 percent month-over-month seasonally adjusted.
“This is a healthy retail sales report and consistent with underlying economic momentum that has fueled a steady run of retail sales increases,” NRF Chief Economist Jack Kleinhenz said. “The big question is whether households can continue this spending pace, which is helping drive the current economic cycle. We think they can, but the big risk to the outlook is the trade war, which could raise prices while reducing consumer confidence and household buying power.”
The June sales results follow a recent report from the National Retail Federation that shows back to school sales this year may decline from prior year levels. For more information on this report, click here.