Retail Sales Grow at 'Solid' Pace, Up 0.8 Percent in June
Retail sales (excluding automobiles, gasoline stations and restaurants) continued to grow in June and were up 5.1 percent year-over-year, the National Retail Federation said today. Retail sales rose 0.8 percent unadjusted over May, according to NRF’s calculations.
“June’s retail sales grew at a solid pace on the heels of a strong showing for both May and April,” NRF Chief Economist Jack Kleinhenz said. “Consumer spending rebounded strongly in the second quarter after two weak previous quarters. Additional job gains and rising wages are supporting the strength in retail sales and should provide momentum going into the second half of 2016.”
Most retail segments reported monthly gains, except for clothing and clothing accessories that reported a decrease and electronics that remained flat. Outsized gains were evident for building materials and supplies and were probably related to the strength in the housing market. In June, the three-month moving average of retail sales on a year-over-year basis increased 3.8 percent unadjusted.
“The bottom line is that today’s data shows that the consumer sector remains a visible and healthy force in the economy and is expected to fuel growth in the second half of 2016,” Kleinhenz said.
A few specifics from the report include:
- Online and other non-store sales increased 1.1 percent seasonally adjusted over the previous month and 13.9 percent unadjusted year-over-year.
- Sales at clothing and accessories stores decreased 1.0 percent seasonally adjusted over May and decreased 0.1 percent unadjusted over last year.
- Sales at general merchandise stores increased 0.4 percent seasonally adjusted over the previous month and 1.1 percent year-over-year.
- Electronics and appliances stores’ sales stayed flat at 0.0 percent seasonally adjusted month-to-month and decreased 3.7 percent unadjusted year-over-year.
- Furniture and home furnishings stores’ sales increased 0.5 percent over the previous month and 3.0 percent unadjusted over last year.
- Sales at building materials and supplies stores increased 3.9 percent over the previous month and 7.4 percent unadjusted year-over-year.
- Sporting goods stores’ sales increased 0.8 percent seasonally adjusted month-to-month and 6.1 percent unadjusted year-over-year.
- Sales at health and personal care stores increased 0.7 percent seasonally adjusted month-to-month and 8.2 percent unadjusted year-over-year.
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