NRF: Retail sales maintain momentum in July for 10th straight month
Mid-summer sales events and early back-to-school deals gave a boost to retail sales in July, which rose for the 10th consecutive month.
Core retail sales (excluding restaurants, auto dealers and gas stations) inched up 0.3% month over month in July and were 4.72% year over year, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. That compared with increases of 0.36% month over month and 10.08% year over year in June.
Retail sales gains in July were led by digital products, such as electronic books and games. Sales declined in four categories: electronics and appliance stores; furniture and home furnishings stores; building and garden supply stores; and sporting goods; and hobby, music and book stores. (Specifics from key sectors at end of article.)
Total retail sales (including restaurants but excluding automobile dealers and gasoline stations) rose 0.32% month over month in July and were up 5.15% year over year according to the Retail Monitor. That compared with increases of 0.33% month over month and 9.41% year over year in June.
Core sales rose 6.53% year over year during the first seven months of the year. Total sales were up 6.57%.
"Supported by a low unemployment rate and steady wage gains, households remained budget conscious but took full advantage of midsummer sales and early back-to-school promotions to stretch their dollars,” said NRF president and CEO Matthew Shay.
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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.
Specifics from key retail sectors in July are below.
•Electronics and appliance stores were down 0.05% month over month, but up 12.04% year over year.
•Digital products (such as electronic books and games) were up 1.21% month over month, and up 12.02% year over year.
•Health and personal care stores were up 0.53% month over month, and up 10.07% year over year.
•General merchandise stores were up 0.47% month over month, and up 8.3% year over year.
•Clothing and accessories stores were up 0.51% month over month, and up 6.55% year over year.
•Grocery and beverage stores were up 0.46% month over month, and up 4.52% year over year.
•Furniture and home furnishings stores were down 0.04% month over month, but up 2.71% year over year.
•Building and garden supply stores were down 0.17% month over month, and down 1.2% year over year.
•Sporting goods, hobby, music and book stores were down 0.47% month over month, and down 3.01% year over year.
