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Retail sales rose in July for the 10th consecutive month, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” says 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. Retailers helped balance budgets by remaining committed to affordability, ensuring that everyday products remain accessible for American families.”
Total retail sales were up 0.32% seasonally adjusted month over month and up 5.15% unadjusted year over year in July, according to the Retail Monitor. That compared with increases of 0.33% month over month and 9.41% year over year in June.
Core retail sales were up 0.3% month over month in July and up 4.72% year over year, compared with increases of 0.36% month over month and 10.08% year over year in June.
Total sales were up 6.57% year over year during the first seven months of the year, and core sales were up 6.53%.
Sales in building and garden supply stores were down 0.17% month over month seasonally adjusted and down 1.2% year over year unadjusted.
