July Retail Sales Stronger Than Expected
July retail sales recovered from a slow start due to back-to-school spending on electronics, apparel and other products. The National Retail Federation (NRF) reported retail industry sales for July (which excludes automobiles, gas stations, and restaurants) rose 4.0 percent unadjusted over last year and 0.5 percent seasonally adjusted from June. June retail sales were revised from the original 3.4 percent to 3.8 percent.
The U.S. Commerce Department showed that July total retail sales (including non-general merchandise categories like autos, gas stations and restaurants) increased 0.3 percent seasonally adjusted from last month and 3.1 percent unadjusted year-over-year.
“Back-to-school shopping sprees and summer clearance promotions drove consumers to department and specialty stores in July,” stated Rosalind Wells, NRF chief economist. “While concerns of a housing market slump and high gas prices still weigh heavily on consumers’ minds, many people still hit the stores last month, giving retailers a nice rebound from earlier this summer.”
For more information, please visit www.nrf.com.
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