Beating economists’ estimates and forecasts, retail sales edged higher in the month of July – breaking three consecutive months of declining growth – demonstrating that consumers are gaining some semblance of confidence this summer. According to the National Retail Federation, July retail sales (excluding automobile, gas stations and restaurants) increased 0.8% seasonally adjusted from June and 1.2% unadjusted YOY.
July retail sales, released by the Department of Commerce, showed total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants) increased 0.8% seasonally adjusted month-to-month and 4.1% adjusted YOY. If it were unadjusted it would be 3.4%.
Other findings from the July retail sales report:
Clothing and clothing accessories stores’ sales increased 0.8% seasonally-adjusted month-to-month and 2.6% unadjusted YOY.
Electronics and appliance stores’ sales increased 0.9% seasonally-adjusted month-to-month yet decreased 1.1% unadjusted YOY.
Furniture and home furnishing stores’ sales increased 1.1% seasonally-adjusted month-to-month and 9.0% unadjusted YOY.
General merchandise stores’ sales increased 0.7% seasonally-adjusted month-to-month yet decreased 1.4% unadjusted YOY.
Health and personal care stores’ sales increased 1.1% seasonally-adjusted month-to-month and 0.7% unadjusted YOY.
Sporting goods, hobby, book and music stores’ sales increased 1.6% seasonally-adjusted month-to-month and 8.0% unadjusted YOY.