Retail sales continued to climb in July, marking 10 consecutive months of gains. The latest CNBC/NRF Retail Monitor reveals total retail sales, excluding automobile dealers and gasoline stations, were up 0.32 percent seasonally adjusted month over month and 5.15 percent unadjusted year over year in July. That compared with increases of 0.33 percent month over month and 9.41 percent year over year in June.
“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. “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.”
Total sales were up 6.57 percent year over year during the first seven months of the year, while core sales were up 6.53 percent.
July sales were up in seven of nine categories on a yearly basis, led by electronics stores, digital products and health and personal care stores. Sales were up in five of nine categories on a monthly basis.
Electronics and appliance stores were down 0.05 percent month over month, seasonally adjusted, but up 12.04 percent year over year, unadjusted. Digital products, such as electronic books and games, were up 1.21 percent month over month, seasonally adjusted, and 12.02 percent year over year, unadjusted. Health and personal care stores were up 0.53 percent month over month, seasonally adjusted, and 10.07 percent year over year, unadjusted.
General merchandise stores were up 0.47 percent month over month, seasonally adjusted, and 8.3 percent year over year, unadjusted. Clothing and accessories stores were up 0.51 percent month over month, seasonally adjusted, and 6.55 percent year over year, unadjusted.
Grocery and beverage stores were up 0.46 percent month over month, seasonally adjusted, and 4.52 percent year over year, unadjusted, while furniture and home furnishings stores were down 0.04 percent month over month, seasonally adjusted, but up 2.71 percent year over year, unadjusted.
Building and garden supply stores were down 0.17 percent month over month, seasonally adjusted, and 1.2 percent year over year, unadjusted. Sporting goods, hobby, music and book stores were down 0.47 percent month over month, seasonally adjusted, and 3.01 percent year over year, unadjusted.
