Overall retail sales rose for the fourth-straight month
- Overall retail sales in July were up 0.7% from June and up 3.2% year-over-year.
- July sales were up in five out of nine retail categories on a yearly basis, led by online sales, health and personal care stores and general merchandise stores, and up in all but two categories on a monthly basis.
- Sales decreased at electronics and appliance stores along with furniture and home furnishings stores.
Retail sales reversed their downward trend in July as Prime Day and major promotions by other retailers prompted increased shopping while wage increases gave consumers more money to spend, the National Retail Federation (NRF) said.
“July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending supported by steady job growth and wage gains,” NRF President and CEO Matthew Shay said, in a press release. “Retailers remain focused on providing essential items at competitive prices for families and students as we approach the end of an expected record back-to-class shopping season.”
“Retail sales growth has been slowing, but July got a midsummer boost from special deal days offered by multiple retailers,” NRF Chief Economist Jack Kleinhenz said. “Households had a positive response, and the pace of sales was clearly helped, more than doubling the previous monthly gain. The data shows the ongoing resilience in consumer spending and how it is fueling the overall economy. It’s worth noting that the strong year-over-year gain came partly because sales accelerated this July but were decelerating at the same time last year.”
The U.S. Census Bureau on Aug. 15 said overall retail sales in July were up 0.7% from June and up 3.2% year-over-year. That was double the increases seen in June, when sales were up 0.3% month-over-month and up 1.6% year-over-year.
NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed July was up 1% seasonally adjusted from June and up 3.8% unadjusted year-over-year. In June, sales were up 0.3% month over month and up 3.2% year-over-year.
NRF’s numbers were up 3.9% unadjusted year-over-year on a three-month moving average as of July and up 4% for the first seven months of the year.
July sales were up in five out of nine retail categories on a yearly basis, led by online sales, health and personal care stores and general merchandise stores, and up in all but two categories on a monthly basis. Specifics from key sectors include:
- Online and other non-store sales — Up 1.9% month-over-month seasonally adjusted and up 11.8% unadjusted year-over-year.
- Health and personal care stores — Up 0.7% month-over-month seasonally adjusted and up 8.3% unadjusted year-over-year.
- General merchandise stores — Up 0.8% month-over-month seasonally adjusted and up 1.6% unadjusted year-over-year.
- Grocery and beverage stores — Up 0.8% month-over-month seasonally adjusted and up 1.5% unadjusted year-over-year.
- Clothing and clothing accessory stores — Up 1% month-over-month seasonally adjusted and up 0.9% unadjusted year-over-year.
- Sporting goods stores — Up 1.5% month over month seasonally adjusted but down 0.5% unadjusted year-over-year.
- Building materials and garden supply stores — Up 0.7% month-over-month seasonally adjusted but down 3.5% unadjusted year-over-year.
- Electronics and appliance stores — Down 1.3% month-over-month seasonally adjusted and down 3.5% unadjusted year-over-year
- Furniture and home furnishings stores — Down 1.8% month-over-month seasonally adjusted and down 7.6% unadjusted year-over-year.