Retail sales in June were essentially unchanged over May on a seasonally adjusted basis, but up 3.2 percent unadjusted from June 2016, according to calculations released by the National Retail Federation. The numbers exclude automobiles, gasoline stations and restaurants.
“Deflating pricing in retail continues to aggravate measurements of spending in June. Consumers continue to make purchases, but total sales reflects depressed prices on the volume of goods purchased,” NRF Chief Economist Jack Kleinhenz said. “Nonetheless, consumer fundamentals remain solid, with no expectations for spending to cool off in the remaining summer months.
“Given the strength of consumer sentiment and other indicators – housing prices, net worth and use of credit – it’s puzzling to see consumer spending move at a slower pace,” Kleinhenz said.
Sales in June were driven by online and other non-store sales. Building materials and furniture also reported gains, perhaps reflecting a stronger housing market.
Sales increased 3.9 percent on a three-month moving average year-over-year.
• Online and other non-store sales increased 0.4 percent seasonally adjusted over May and increased 9.9 percent unadjusted year-over-year.
• Sales at clothing and accessories stores decreased 0.1 percent seasonally adjusted from May and increased 1 percent unadjusted year-over-year.
• Sales at general merchandise stores increased 0.4 percent seasonally adjusted over May and increased 2.3 percent year-over-year.
• Electronics and appliances stores’ sales increased 1 percent seasonally adjusted over May and increased 1.6 percent unadjusted year-over-year.
• Furniture and home furnishings stores’ sales increased 1 percent seasonally adjusted from May and increased 3.5 percent unadjusted year-over-year.
• Sales at building materials and supplies stores sales increased 5 percent from May and increased 5.1 percent unadjusted year-over-year.
• Sporting goods stores’ sales decreased 0.6 percent seasonally adjusted from May and decreased 7.7 percent unadjusted year-over-year.
• Sales at health and personal care stores increased 0.3 percent over May and increased 0.9 percent unadjusted year-over-year.