Retail sales showed moderate growth in June amid a still-solid economy and near-zero inflation for retail goods, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.
“Consumers are being thoughtful about their spending, prioritizing non-discretionary purchases as they continue to face high interest rates and lingering inflation,” NRF President and CEO Matthew Shay said. “Inflation has dropped to nearly zero for goods but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet. 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.”
Total retail sales, excluding automobiles and gasoline, were up 0.47% seasonally adjusted month over month and up 3.42% unadjusted year over year in June, according to the Retail Monitor. That compared with increases of 1.35% month over month and 3.03% year over year in May.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.3% month over month in June and up 3.07% year over year. That compared with increases of 1.2% month over month and 2.88% 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.
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.
June sales were up in five out of nine retail categories on a yearly basis, led by online sales, general merchandise stores, and clothing and accessory stores. Sales were up in four categories on a monthly basis.
As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year.
About NRF
The National Retail Federation passionately advocates for the people, brands, policies, and ideas that help retail succeed. From its headquarters in Washington D.C., NRF empowers an industry that powers the economy. Retail is the nation’s largest private-sector employer contributing $5.3 trillion to annual GDP and supporting more than one in four U.S jobs — 55 million working Americans.
For over a century NRF has been a voice for every retailer educating inspiring communicating powerful impact local communities global economies.
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