Despite inflation, consumers were busy shopping in July, according to the National Retail Federation.
Core retail sales rose last month while overall Census Bureau sales numbers held steady. Yet both statistical measures point to solid year-over-year gains.
The NRF’s retail sales calculation, which excludes car dealerships, gas stations and restaurants, showed July was up 0.8% from June and up 7.1% unadjusted from one year to the next. In June, sales rose 0.6% month-over-month and 6% year-over-year.
“Retail sales increased in July, supported by lower gas pump prices and moderately weaker inflation,” NRF President and CEO Matthew Shay said in a news release regarding sales activity.
“Consumers are adjusting to rising prices by prioritizing essentials like food and back-to-school items, and retailers are working hard to absorb the impact of rising costs and help customers optimize their hard-earned dollars.However, policy measures such as removing Chinese tariffs, enacting smart immigration reform, and investing in supply chain resilience are needed to ease inflationary pressure and reduce costs for families. Americans.”
Other NRF highlights include:
- Online and other non-store sales increased 2.7% month-over-month, seasonally adjusted, and 18.1% unadjusted, year-over-year.
- Building material and garden supply stores rose 1.5% month-over-month seasonally adjusted and 6.2% unadjusted year-over-year.
- Grocery and beverage stores rose 0.2% month-over-month seasonally adjusted and 7.7% unadjusted year-over-year.
- Sporting goods stores rose 0.1% seasonally adjusted and 3% unadjusted year over year.
- Health and personal care stores rose 0.4% month-over-month seasonally adjusted and 1.5% unadjusted year-over-year.
- Clothing and clothing accessories stores were down 0.6% on a seasonally adjusted basis, but up 0.2% on an unadjusted basis on a year-over-year basis.
- General merchandise stores were down 0.7% seasonally adjusted and 0.1% unadjusted year over year.
- Furniture and home furnishings stores were up 0.2% seasonally adjusted month-over-month, but down 0.3% unadjusted year-over-year.
- Electronics and appliance stores rose 0.4% month-over-month seasonally adjusted, but down 11.3% unadjusted year-over-year.
The industry group, as reported by Retail Customer Experience earlier this month, does not expect a real recession to occur this year.