Retail sales rose in June even as employment grew more slowly, according to the National Retail Federation.
NRF’s calculation of retail sales – excluding automobile dealers, gasoline stations and restaurants to focus on core retail – had June up 0.4% from May and 3.3% unadjusted year over year. May gained 0.4% month over month and 4.4% year over year. NRF’s calculation was up 3.1% unadjusted year over year on a three-month moving average as of May and 4% for the year’s first six months
By channel, NRF maintained, June sales came in at:
- General merchandise stores down 0.1% month over month seasonally adjusted but up 1.4% unadjusted year over year.
- Furniture and home furnishings stores up 1.4% month over month seasonally adjusted but down 3.6% unadjusted year over year.
- Building materials and garden supply stores down 1.2% month over month seasonally adjusted and 3.7% unadjusted year over year.
- Health and personal care stores up 0.1% month over month seasonally adjusted and 6.6% unadjusted year over year.
- Electronics and appliance stores up 1.1% month over month seasonally adjusted and 1.8% unadjusted year over year.
- Grocery and beverage stores down 0.7% month over month seasonally adjusted but up 1.3% unadjusted year over year.
- Clothing and clothing accessory stores up 0.6% month over month seasonally adjusted and 1.3% unadjusted year over year.
- Sporting goods stores down 1% month over month seasonally adjusted and 0.9% unadjusted year over year.
- Online and other non-store sales up 1.9% month over month seasonally adjusted and 9.9% unadjusted year over year.
“June retail sales confirm that while the economy may be cooling, consumers remain on solid footing and are spending on household priorities,” said NRF president and CEO Matthew Shay, in announcing the sales figures. “Back-to-class spending is one of the most important shopping occasions of the year, and NRF’s consumer research shows that back-to-school and college spending is expected to set new records. Consumers are looking for the best value and deals, and retailers are well stocked with essential items for families and students.”
NRF chief economist Jack Kleinhenz added, “The pace of spending is slower, but consumers are still in control of the direction of the economy thanks to the still-growing labor market and a comfortable cushion of savings. Jobs aren’t growing as fast as they were, but employment is by no means in a slump, and if consumers have jobs, they have the willingness to spend. On average, consumer balance sheets remain sturdy, and they have the wherewithal to support spending for most of the rest of the year. That’s thanks, in part, to excess savings built up during the pandemic along with easing inflation.”
