‘IMPRESSIVE’ JUNE RETAIL SALES BEAT FORECASTS

Retail sales were up 0.6 percent in June seasonally adjusted from May and up 2.3 percent unadjusted year-over-year, the National Retail Federation (NRF) said on Tuesday. The numbers exclude automobile dealers, gasoline stations and restaurants.

As of June, the three-month moving average was up 3.7 percent over the same period a year ago, compared with 3.3 percent in May. June’s results build on gains of 0.4 percent month-over-month and 2.9 percent year-over-year seen in May.

Online and other non-store sales were up 11.6 percent year-over-year and up 1.7 percent month-over-month seasonally adjusted. Clothing and clothing accessory stores were down 1.6 percent year-over-year but up 0.5 percent month-over-month seasonally adjusted.

“These are impressive results showing that the consumer remains engaged and that consumer spending gave a boost to the economy in the second quarter,” said Jack Kleinhenz, chief economist at NRF. “The numbers are consistent with elevated consumer sentiment, healthy household balance sheets, low inflation, and wage and job gains. The year-over-year growth is particularly significant given that it comes on top of strong gains at this time last year. While the prospect of tariff increases has subsided for the moment, trade uncertainties continue to weigh on the long-term outlook.”

NRF’s numbers are based on data from the U.S. Census Bureau, which said today that overall June sales – including auto dealers, gas stations and restaurants – were up 0.4 percent seasonally adjusted from May and up 3.4 percent unadjusted year-over-year.