Results released by the National Retail Federation (NRF) Retail Monitor for the month of June showed total retail sales, excluding automobiles and gasoline, were up 0.47% seasonally adjusted month over month and up 3.42% unadjusted year over year. That compared with increases of 1.35% month over month and 3.03% year over year in May.
“Consumers are being thoughtful about their spending, prioritising non-discretionary purchases as they continue to face high interest rates and lingering inflation,” NRF president and CEO Matthew Shay said. “Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet. Month-over-month sales growth was moderate in June, and year-over-year gains for total retail sales were the largest we’ve seen since last fall.”
Total sales were up 2.39% year over year for the first six months of the year and core sales were up 2.62%. The year-over-year gain for total sales was the largest since 4.24% last November and the year-over-year gain for core sales was the largest since 3.24% this January.
June sales were up in five out of nine retail categories on a yearly basis, led by online sales, general merchandise stores and clothing and accessory stores.
Online and other non-store sales were up 1.78% month over month seasonally adjusted and up 23.08% year over year unadjusted.
Clothing and accessories stores were down 0.11% month over month seasonally adjusted but up 5.35% year over year unadjusted.
