Retail sales up across the US for 10th consecutive month
Retail sales rose in July, making it the 10th consecutive month of positive growth, according to the National Retail Federation’s Retail Monitor.
It showed that core retail sales (excluding sales at automobile dealers, gas stations, and restaurants) were up +0.3% month-on-month (MoM) in July, and up +4.72% (YoY).
These figures compare with increases of +0.36% MoM and +10.08% YoY in June of this year.
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” said National Retail Federation president and CEO Matthew Shay. “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,” he continued.
“Retailers helped balance budgets by remaining committed to affordability, ensuring that everyday products remain accessible for American families.”
The Retail Monitor uses anonymous credit and debit card purchase data compiled by Affinity Solutions and does not need to be revised monthly or annually.
General merchandise stores were up +0.47% MoM seasonally adjusted and up +8.3% YoY unadjusted, while clothing and accessories stores were up +0.51% MoM seasonally adjusted and up +6.55% YoY unadjusted.
