Retail sales surge in July
July retail sales increased 0.5% to $507.5 billion from the previous month, and 6.4% above July 2017, the Commerce Department reported today.
Total sales for the May 2018 through July 2018 period were up 6.3% from the same period a year ago.
Retail trade sales increased 0.4% above June sales are were 5.8% year-over-year.
According to the National Retail Federation (NRF), consumers continued to spend despite the looming threat of a trade war.
“Today’s numbers mirror the economy, which is in very good shape,” NRF Chief Economist Jack Kleinhenz said, citing consumer confidence, a strengthening labor market and more after-tax dollars in household wallets thanks to tax reform. “Consumer fundamentals remain healthy and continue to provide wherewithal for consumers to drive domestic economic growth.”
“Consumer spending is the backbone of the current economic expansion but the fly in the ointment is uncertainty regarding tariffs,” Kleinhenz said. “If they escalate, they will no doubt weigh on confidence and household spending.”
The latest numbers come two days after NRF revised its annual forecast, saying 2018 retail sales are now expected to grow at least 4.5% over 2017 rather than the 3.8 percent to 4.4 percent predicted earlier this year.
The NRF reported that July retail sales were up 0.4% seasonally adjusted from June and increased 4.9% percent unadjusted year-over-year. This excludes exclude automobiles, gasoline stations, and restaurants, and is based on data from the U.S. Census Bureau.
Online and other non-store sales were up 11.3% year-over-year and up 0.8% month-over-month seasonally adjusted, the NRF reported.
Building materials and garden supply stores were up 5.8% year-over-year and unchanged month-over-month seasonally adjusted.
Electronics and appliance store sales increased 4.2% year-over-year and were up 0.1% month-over-month seasonally adjusted.
General merchandise stores were up 1.8% year-over-year and up 0.7% month-over-month seasonally adjusted.
Total sales for the May 2018 through July 2018 period were up 6.3% from the same period a year ago.
Retail trade sales increased 0.4% above June sales are were 5.8% year-over-year.
According to the National Retail Federation (NRF), consumers continued to spend despite the looming threat of a trade war.
“Today’s numbers mirror the economy, which is in very good shape,” NRF Chief Economist Jack Kleinhenz said, citing consumer confidence, a strengthening labor market and more after-tax dollars in household wallets thanks to tax reform. “Consumer fundamentals remain healthy and continue to provide wherewithal for consumers to drive domestic economic growth.”
“Consumer spending is the backbone of the current economic expansion but the fly in the ointment is uncertainty regarding tariffs,” Kleinhenz said. “If they escalate, they will no doubt weigh on confidence and household spending.”
The latest numbers come two days after NRF revised its annual forecast, saying 2018 retail sales are now expected to grow at least 4.5% over 2017 rather than the 3.8 percent to 4.4 percent predicted earlier this year.
The NRF reported that July retail sales were up 0.4% seasonally adjusted from June and increased 4.9% percent unadjusted year-over-year. This excludes exclude automobiles, gasoline stations, and restaurants, and is based on data from the U.S. Census Bureau.
Online and other non-store sales were up 11.3% year-over-year and up 0.8% month-over-month seasonally adjusted, the NRF reported.
Building materials and garden supply stores were up 5.8% year-over-year and unchanged month-over-month seasonally adjusted.
Electronics and appliance store sales increased 4.2% year-over-year and were up 0.1% month-over-month seasonally adjusted.
General merchandise stores were up 1.8% year-over-year and up 0.7% month-over-month seasonally adjusted.