Retail sales slowed during June as consumer concerns about tariffs and the economy mounted, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
June retail sales excluding automobiles and gasoline slipped 0.33% seasonally adjusted month over month but gained 3.19% unadjusted year over year, according to the NRF Retail Monitor. In May, retail sales increased by 0.49% month-over-month and 4.44% year-over-year. Core retail sales, excluding restaurants, as well as automobile dealers and gasoline stations, decreased 0.32% month over month in June but increased 3.36% year over year. In May, core retail sales increased 0.23% month over month and 4.2% year over year, Retail Monitor indicated.
Total sales were up 4.66% year over year for 2025’s first six months, and core sales advanced 4.93%. The month-over-month drops were the first since February, when total and core sales each declined 0.22% from January.
Sales results by channel were, as determined by Retail Monitor:
- General merchandise stores were down 0.15% month over month, seasonally adjusted, and up 3.18% year over year, unadjusted.
- Furniture and home furnishings stores were down 1.04% month over month, seasonally adjusted, and 1.14% year over year, unadjusted.
- Electronics and appliance stores were down 1.03% month over month, seasonally adjusted, and up 2.43% year over year, unadjusted.
- Building and garden supply stores were down 0.76% month over month, seasonally adjusted, and 5.33% year over year, unadjusted.
- Health and personal care stores were down 0.31% month over month, seasonally adjusted, and up 3.47% year over year, unadjusted.
- Grocery and beverage stores were down 0.13% month over month, seasonally adjusted, and up 2.59% year over year, unadjusted.
- Sporting goods, hobby, music and book stores were down 0.13% month over month seasonally adjusted and up 8.52% year over year unadjusted.
- Clothing and accessories stores were down 0.22% month over month, seasonally adjusted, and up 2.71% year over year, unadjusted.
- Digital products, such as electronic books and games, increased by 0.26% month over month, seasonally adjusted, and by 24.11% year over year, unadjusted.
In announcing the Retail Monitor results, NRF president and CEO Matthew Shay said, “June’s numbers indicate that prolonged uncertainty surrounding the economy, tariffs and trade policy could be pushing consumers to adopt a ‘wait and see’ approach with their household budgets. This was the first monthly decline since February, and spending was down across almost all sectors. Economic fundamentals haven’t been disrupted yet, and shoppers still have the ability to spend on priorities, but the economy is gradually slowing and there has been an impact on the psyche of consumers. While passage of the ‘Big Beautiful Bill’ is clearly supportive of economic growth, unresolved and restrictive trade policies remain a significant headwind.”
Unlike survey-based numbers collected by the United States Census Bureau, the Retail Monitor utilizes actual, anonymized credit and debit card purchase data compiled by Affinity Solutions to determine retail sales, which do not require monthly or annual revision.
