Overall U.S. retail sales rose for the third-straight month
- Overall U.S. retail sales in June were up 0.2% from last month and up 1.5% year-over-year.
- June retail sales were led by online sales, furniture and home furnishings stores, electronics and appliances stores, and clothing and clothing accessory stores.
- Sales decreased at grocery and beverage stores along with building materials and garden supply stores.
Overall U.S. retail sales in June were up 0.2% from last month and up 1.5% year-over-year, according to the U.S. Census Bureau. In May, sales were up 0.5% month-over-month and up 2% year-over-year.
“The pace of spending is slower, but consumers are still in control of the direction of the economy thanks to the still-growing labor market and a comfortable cushion of savings,” NRF Chief Economist Jack Kleinhenz said, in a release. “Jobs aren’t growing as fast as they were, but employment is by no means in a slump, and if consumers have jobs, they have the willingness to spend. On average, consumer balance sheets remain sturdy and they have the wherewithal to support spending for most of the rest of the year. That’s thanks, in part, to excess savings built up during the pandemic along with easing inflation.”
June retail sales were led by online sales, furniture and home furnishings stores, electronics and appliances stores, and clothing and clothing accessory stores. Sales decreased at grocery and beverage stores along with building materials and garden supply stores. Specifics from key sectors include:
- Online and other non-store sales — Up 1.9% month-over-month seasonally adjusted and up 9.9% unadjusted year-over-year.
- Health and personal care stores — Down 0.1% month-over-month seasonally adjusted and up 6.6% unadjusted year over year.
- Electronics and appliance stores — Up 1.1% month-over-month seasonally adjusted and up 1.8% unadjusted year over year.
- General merchandise stores — Down 0.1% month-over-month seasonally adjusted but up 1.4% unadjusted year-over-year.
- Clothing and clothing accessory stores — Up 0.6% month-over-month seasonally adjusted and up 1.3% unadjusted year-over-year.
- Grocery and beverage stores — Down 0.7% month-over-month seasonally adjusted but up 1.3% unadjusted year-over-year.
- Sporting goods stores — Down 1% month-over-month seasonally adjusted and down 0.9% unadjusted year-over-year.
- Furniture and home furnishings stores — Up 1.4% month-over-month seasonally adjusted but down 3.6% unadjusted year-over-year.
- Building materials and garden supply stores — Down 1.2% month over month seasonally adjusted and down 3.7% unadjusted year over year.
“June retail sales confirm that while the economy may be cooling, consumers remain on solid footing and are spending on household priorities,” NRF President and CEO Matthew Shay said.