With retail sales continuing to grow despite tariff worries, imports at the nation’s major retail container ports are expected to remain strong this month after setting three new records this summer, according to the monthly Global Port Tracker report released by NRF and Hackett Associates.
July retail sales were up 0.4 percent from June and 4.9 percent year-over-year, giving the industry a solid kickoff for the third quarter and backing up NRF's revised forecast that sales will grow at least 4.5 percent for the year.
With retail sales rising and retailers rushing to bring merchandise into the country ahead of proposed new tariffs on products from China, imports at the naiton's major retail container ports have set two new records this summer and are expected to set another this month, according to NRF's Global Port Tracker report.
June retail sales were up 0.07 percent seasonally adjusted from May’s strong performance and increased 4.2 percent unadjusted year-over-year as economic growth continued despite the U.S. trade war with China and other countries, according to NRF.
Driven by increasing consumer demand and rising retail sales, imports at the nation’s major retail container ports are expected to set a new record this month even though new tariffs on goods from China just took effect, according to the Global Port Tracker from NRF and Hackett Associates.
Retail industry employment in June increased by 50,200 jobs unadjusted over the same time last year despite a seasonally adjusted drop from May of 25,800, according to NRF. The numbers exclude automobile dealers, gasoline stations and restaurants.