Amid concerns that consumers would begin pulling back on their spending, the back-to-school season started with a bang, as consumers hit the stores in July to take advantage of promotions on apparel, electronics and school supplies. According to the National Retail Federation (NRF), retail industry sales (which exclude automobiles, gas stations and restaurants) in July increased 0.3 percent seasonally adjusted from the previous month and 4 percent unadjusted year-over-year.
“In a week of stock market volatility, retail continues to be a steadying force in the economic recovery,” says NRF President and CEO Matthew Shay. “Consumers are showing that they still have spending power, and with a renewed focus on job creation, we are optimistic this recovery can still get back on track.”
July retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.5 percent seasonally adjusted month-to-month and 6.5 percent unadjusted year-over-year.
Specific sales results include:
- Retailers promoting traditional back-to-school items reaped the benefits of eager summer shoppers. Clothing and clothing accessories stores’ sales increased 0.5 percent seasonally adjusted over June and a solid 6.2 percent unadjusted year-over-year. Sales at electronic and appliance stores increased 1.4 percent seasonally adjusted month-to-month, but decreased 0.7 percent unadjusted from last year.
- Health and personal care stores sales increased 0.1 percent seasonally adjusted over June and 2.1 percent unadjusted year-over-year.
- Building material and garden equipment and supplies stores sales increased 1.4 percent seasonally adjusted over the previous month and 3.6 percent unadjusted year-over-year.
The NRF is the world’s largest retail trade association; its global membership includes retailers of all sizes, formats and channels of distribution.
Source : National Retail Federation
