Retail sales
were up 0.9 percent in July seasonally adjusted from June and up 5.6 percent
unadjusted year-over-year, the National Retail Federation said today. The
numbers exclude automobile dealers, gasoline stations and restaurants.
“July’s strong results are consistent with a confident consumer,” NRF Chief
Economist Jack Kleinhenz said. “Households are in good shape with spending and
that should continue as long as the labor market remains healthy. But it’s
important to remember that today’s data is looking backward at what was
happening a month ago. The impact of volatile financial markets and increased
trade tensions in recent weeks may put a wind of caution in consumer spending
as we move forward in 2019.”
The release of July’s numbers comes two days after the Trump administration
delayed new
tariffs on some consumer goods until December 15 to avoid any impact on
holiday spending, but many products will still be hit by tariffs taking effect
September 1 as scheduled.
As of July, the three-month moving average was up 3.5 percent over the same
period a year ago, compared with 3.7 percent in June. July’s results build on
gains of 0.6 percent month-over-month and 2.2 percent year-over-year seen in
June.
NRF’s numbers are based on data
from the U.S. Census Bureau, which said today that overall July sales –
including auto dealers, gas stations and restaurants – were up 0.7 percent
seasonally adjusted from June and up 3.4 percent unadjusted year-over-year.
Specifics from key retail sectors during July include: online and other non-store sales were up 19.3 percent
year-over-year and up 2.8 percent month-over-month seasonally adjusted, likely
boosted by Amazon’s Prime Day promotion; sporting goods stores were up 2
percent year-over-year but down 1.1 percent month-over-month seasonally
adjusted; clothing and clothing accessory stores were down 1.6 percent
year-over-year but up 0.8 percent month-over-month seasonally adjusted.
art Hyp