Retail sales rose again in July, marking the 10th consecutive month of gains, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation (NRF).
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” NRF President and CEO Matthew Shay said in a release. “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, excluding automobile dealers and gasoline stations, 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.
The Retail Monitor calculation of core retail sales (excluding restaurants in addition to auto dealers and gas stations) was up 0.3% month over month in July and was up 4.72% year over year. That 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%.
