Retail sales rose again in July, marking the 10th consecutive month of gains, according to the CNBC/NRF Retail Monitor released today by the National Retail Federation.
Total retail sales, excluding automobile dealers and gasoline stations, were up 0.32 percent month over month on a seasonally adjusted basis and 5.15 percent year over year unadjusted. Core retail sales, which also exclude restaurants, rose 0.3 percent month over month and 4.72 percent year over year.
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” said NRF 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.”
Grocery sales climb
Grocery and beverage stores were up 0.46 percent month over month and 4.52 percent year over year, an improvement over the category’s 3.21 percent annual growth in April.
Electronics and appliance stores led all categories on a yearly basis at 12.04 percent, followed closely by digital products at 12.02 percent and health and personal care stores at 10.07 percent. General merchandise stores rose 8.3 percent and clothing and accessories stores gained 6.55 percent.
Two categories declined year over year: building and garden supply stores fell 1.2 percent and sporting goods, hobby, music and book stores dropped 3.01 percent. Four of the nine categories were down on a monthly basis.
Annual growth moderates
While July extended the streak, year-over-year growth slowed considerably from June, when total sales were up 9.41 percent and core sales rose 10.08 percent. Monthly gains held roughly steady, with June posting increases of 0.33 percent for total sales and 0.36 percent for core.
Through the first seven months of the year, total sales were up 6.57 percent year over year and core sales were up 6.53 percent.
The Retail Monitor uses actual, anonymized credit and debit card purchase data compiled by Affinity Solutions rather than survey-based data, and does not require monthly or annual revisions.
NRF is a Washington, D.C.-based trade association representing the retail industry.