This year-over-year increase marks 24 consecutive months of sustained retail sales year-over-year growth.
“There is no doubt consumers struggled with discretionary spending last month, but many families may be looking at this as a temporary break as they save up for back-to-school shopping in July and August,” NRF President and CEO Matthew Shay said. “While the retail industry remains confident in an incremental recovery, today’s statistics should concern every policymaker in Washington, and compel them to revisit burdensome regulations and job-killing tax increases set to take effect early next year.”
June retail sales, released today by the U.S. Department of Commerce, showed total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) decreased 0.5 percent seasonally adjusted month-to-month but increased 3.8 percent unadjusted year-over-year.
“Weak economic numbers over the past few weeks have increased anxiety about the future direction of the economy,” NRF Chief Economist Jack Kleinhenz said. “Today’s data is discouraging but not demoralizing. If you look at the first half of the year overall, retail sales actually increased 4.6 percent year-over-year, indicating that the economy is improving but maybe not quick enough to impact consumer spending and job growth.”
Other interesting findings from the June retail sales report include:
- Clothing and clothing accessories stores' sales increased 0.2 percent seasonally-adjusted month-to-month and increased 5.0 percent unadjusted year-over-year.
- Electronics and appliance stores’ sales decreased 0.8 percent seasonally-adjusted month-to-month and similarly decreased 0.8 percent unadjusted year-over-year.
- Furniture and home furnishing stores’ sales decreased 0.8 percent seasonally-adjusted month-to-month yet increased 8.2 percent unadjusted year-over-year.
- General merchandise stores’ sales decreased 0.2 percent seasonally-adjusted month-to-month and remained flat unadjusted year-over-year.
- Sporting goods, hobby, book and music stores’ sales decreased 1.6 percent seasonally-adjusted month-to-month yet increased 7.8 percent unadjusted year-over-year.