John Furner President and CEO | Official website
Retail sales continued to grow in July as consumers shopped for school and college supplies and took advantage of special promotion days offered by some retailers, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation.
“July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value,” NRF President and CEO Matthew Shay said. “Labor market trends have softened recently and interest rates remain high, but economic fundamentals are intact and inflation has fallen to nearly zero for goods even though prices for services are elevated. July sales were likely bolstered by back-to-school and back-to-college spending, which was reflected in gains for retailers selling everything from clothing and crayons to computers and dorm room furnishings.”
Total retail sales, excluding automobiles and gasoline, were up 0.74% seasonally adjusted month over month and up 0.92% unadjusted year over year in July, according to the Retail Monitor. That compared with increases of 0.47% month over month and 3.42% year over year in June.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.95% month over month in July and up 1.69% year over year. That compared with increases of 0.3% month over month and 3.07% year over year in June.
July’s increases came as some retailers held special promotion day events both in-store and online that have helped boost summer sales in recent years. Total sales were up 2.1% year over year for the first seven months of the year and core sales were up 2.4%.
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.
July sales were up in six out of nine retail categories on a yearly basis, led by online sales, general merchandise stores, and electronics and appliance stores. Sales were up in seven 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 the 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.
