Retail sales increased in July for the 10th consecutive month, with both total and core sales advancing month over month and year over year, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
Core retail sales, which excludes restaurants, auto dealers and gas stations, were up 0.3% month over month in July and 4.72% year over year. Those figures compared with increases of 0.36% month over month and 10.08% year over year in June.
Total sales advanced 6.57% year over year during the first seven months of the year, with core sales up 6.53%.
By channel, NRF pointed out, sales results for July came in as follows:
- General merchandise stores were up 0.47% month over month, seasonally adjusted, and 8.3% year over year, unadjusted.
- Furniture and home furnishings stores were down 0.04% month over month, seasonally adjusted, but up 2.71% year over year, unadjusted.
- Building and garden supply stores were down 0.17% month over month seasonally adjusted and 1.2% year over year unadjusted.
- Electronics and appliance stores were down 0.05% month over month seasonally adjusted but up 12.04% year over year unadjusted.
- Health and personal care stores were up 0.53% month over month seasonally adjusted and 10.07% year over year unadjusted.
- Grocery and beverage stores were up 0.46% month over month seasonally adjusted and 4.52% year over year unadjusted.
- Sporting goods, hobby, music and book stores were down 0.47% month over month seasonally adjusted and 3.01% year over year unadjusted.
- Clothing and accessories stores were up 0.51% month over month seasonally adjusted and 6.55% year over year unadjusted.
- Digital products, such as electronic books and games, were up 1.21% month over month seasonally adjusted and 12.02% year over year unadjusted.
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” NRF president and CEO Matthew Shay said in announcing the sales Retail Monitor results. “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. Retailers helped balance budgets by remaining committed to affordability, ensuring that everyday products remain accessible for American families.”
Unlike survey-based numbers collected by the United States Census Bureau, the Retail Monitor uses anonymized credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
