WASHINGTON (BRAIN) — The National Retail Federation says retail sales in July increased by 0.6 percent over June on a seasonally adjusted basis. The NRF said sales increased by 3.5 percent in the month year-over-year, a continuation of the growth seen in June and long-term trends. The numbers exclude automobiles, gasoline stations and restaurants.
"Soft or declining prices for retail goods continue to hold down the dollar amount of sales reported even though unit volume was up. Consumer spending remains solid as retail sales saw healthy improvements in July and revised June numbers were also positive," NRF's chief economist, Jack Kleinhenz said. "We have yet to see the full effect of back-to-school spending, but pickup in spending was evident both online and in general merchandise, which includes bricks-and-mortar department stores. Rising home values are encouraging home-improvement spending and home-related retail purchases."
"Soft or declining prices for retail goods continue to hold down the dollar amount of sales reported even though unit volume was up," Kleinhenz said.
Year-over-year growth was up 4 percent on a three-month moving average.
According to the NRF, online and other non-store retail sales increased 1.3 percent seasonally adjusted over June and increased 11.4 percent unadjusted year-over-year. Sporting goods stores sales increased 0.3 percent seasonally adjusted from June but decreased 5.7 percent unadjusted year-over-year.
According to the NRF, total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF – excluding automobiles, gasoline stations and restaurants – have increased year-over-year in all but three months since the beginning of 2010.
