Total sales were up 2.1% year over year for the first seven months of the year and core sales were up 2.4%. Credit: Shutterstock.

The latest CNBC/NRF Retail Monitor released by the National Retail Federation (NRF) reported that total retail sales rose by 0.74% on a seasonally adjusted month-over-month basis and 0.92% year-over-year. This growth outpaced June’s figures, which saw increases of 0.47% month-over-month and 3.42% year-over-year.

Clothing and accessories stores were up 0.32% month over month seasonally adjusted but down 4.79% year over year unadjusted.

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July’s increases came as some retailers held special promotion day events both in-store and online to boost summer sales. Total sales were up 2.1% year over year for the first seven months of the year and core sales were up 2.4%.

“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,” said NRF president and CEO Matthew Shay.

He added: “Labour 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.”

Key highlights include:

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  1. Core retail sales (excluding restaurants, automobiles, and gasoline) increased 0.95% month-over-month and 1.69% year-over-year in July
  2. Online and non-store sales led the growth with an 18.45% year-over-year increase
  3. Sporting goods stores were up 1.27% month over month seasonally adjusted and up 1.13% year over year unadjusted.

The report also highlighted that total sales for the first seven months of the year were up 2.1% compared to the same period last year with core sales up 2.4%.