Retail sales in June, excluding autos, gasoline and restaurants, decreased 0.2 percent seasonally adjusted month-to-month while increasing a solid 3.1 percent unadjusted year-over-year, according to the U.S. Department of Commerce.
Among channels:
Sporting goods stores sales decreased 0.1 percent seasonally adjusted from the previous month but increased a strong 8.9 percent unadjusted year-over-year;
Furniture and home furnishings stores sales eased 1.6 percent month-to-month, and increased 6.5 percent unadjusted year-over-year.
Clothing and accessories stores sales slid 1.5 percent month-to-month and increased 2.5 percent unadjusted from last year;
Overall retail sales including autos, gasoline and restaurants – in June decreased 0.3 percent seasonally adjusted from the previous month but increased 1.4 percent unadjusted year-over-year.
In a separate statement, Jack Kleinhenz, NRF chief economist, said June’s weaker than expected results may partly reflect the deflationary environment at retail that’s constricting top-line growth. He remains optimistic that sales through the remainder of the year will improve.
“While consumer spending continues to be erratic and varied, going forward I expect to see improvements in retail sales, supported mostly by the U.S.’s healthy labor market, improving housing markets and easier access to consumer credit,” said Kleinhenz. “While the weaker than expected report doesn’t match with current trends, there’s no reason to believe this is a continuing problem. Heading into the back-to-school season and through the remainder of the year, consumers should find the appetite to spend.”
