NRF: June sees moderate rise in retail sales
Retail sales increased in June compared to last year, signaling that the economy is “still solid” and that inflation is cooling.
Core retail sales (excluding restaurants, automobiles and gasoline) rose 0.3% month-over-month in June and were up 3.07% year-over-year, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions. That compared with increases of 1.2% month over month and 2.88% year over year in May.
Total retail sales (excluding automobiles and gasoline but including restaurants) were up 0.47% month over month and up 3.42% unadjusted year over year in June. That compared with increases of 1.35% month over month and 3.03% year over year in May.
Total sales were up 2.39% year over year for the first six months of the year and core sales were up 2.62%. The year-over-year gain for total sales was the largest since 4.24% last November and the year-over-year gain for core sales was the largest since 3.24% this January."
"Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet," said NRF president and CEO Matthew Shay. "Month-over-month sales growth was moderate in June, and year-over-year gains for total retail sales were the largest we’ve seen since last fall.”
June sales were up in four categories on a monthly basis and in five out of nine retail categories on a yearly basis, led by online sales, general merchandise stores and clothing and accessory stores.
Specifics from key sectors include:
- Online and other non-store sales were up 1.78% month-over-month seasonally adjusted and up 23.08% year-over-year unadjusted.
- General merchandise stores were up 0.61% month-over-month seasonally adjusted and up 5.79% year-over-year unadjusted.
- Clothing and accessories stores were down 0.11% month-over-month seasonally adjusted but up 5.35% year-over-year unadjusted.
- Health and personal care stores were down 0.04% month-over-month seasonally adjusted but up 4.63% year-over-year unadjusted.
- Grocery and beverage stores were up 1.01% month-over-month seasonally adjusted and up 4.31% year-over-year unadjusted.
- Sporting goods, hobby, music and book stores were up 0.68% month-over-month seasonally adjusted but down 0.52% year-over-year unadjusted.
- Electronics and appliance stores were down 1.02% month-over-month seasonally adjusted and down 3.24% year-over-year unadjusted.
- Furniture and home furnishings stores were down 0.62% month-over-month seasonally adjusted and down 3.26% year-over-year unadjusted.
- Building and garden supply stores were down 1.8% month-over-month seasonally adjusted and down 3.46% year-over-year unadjusted.
Unlike survey-based numbers collected by the Census Bureau, the Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
