The U.S. Census Bureau reported June retail sales data that reflected modest gains for the month despite an uneven spending pace in recent months. Advance estimates of U.S. retail and food service sales for June 2024, adjusted for seasonal variation and holiday and trading-day differences but not for price changes, were $704.3 billion, virtually unchanged (±0.5 percent) month-over-month (MoM) versus May 2024, but up 2.3 percent (±0.5 percent) year-over-year (YoY) versus June 2023.

The April 2024 to May 2024 MoM change was revised from a slight 0.1 percent (±0.4 percent) increase to MoM growth of 0.3 percent (±0.2 percent).

Total sales for April 2024 through June 2024 were up 2.5 percent (±0.5 percent) from last year’s comparative period.

June retail trade sales were down 0.1 percent (±0.5 percent) MoM from May 2024 but up 2.0 percent (±0.5 percent) YoY versus June 2023. Non-store retailers were up 8.9 percent (±1.4 percent) year-over-year.

The National Retail Federation (NRF) said June’s core retail sales, as defined by the NRF (based on Census data but excluding automobile dealers, gas stations, and restaurants) ),were up 0.9 percent seasonally adjusted MoM and up 1.3 percent unadjusted YoY.

Core retail sales were up 3.2 percent year-over-year for the first six months of the year, in line with NRF’s forecast for 2024 retail sales to grow between 2.5 percent and 3.5 percent over 2023.

“The path of household spending remains difficult to read,” NRF Chief Economist Jack Kleinhenz offered. “Spending has been uneven but remains in good condition notwithstanding the slower pace of payrolls, subdued consumer confidence and price deflation for retail goods. Looking ahead, we expect consumer spending trends to continue even though they will likely be tempered by the softening of employment and income growth. Still-high interest rates are making purchases on credit more expensive and have discouraged new borrowing.”

Other Key Category Trends

  • Sporting Goods, Hobby, Musical Instruments, and Bookstore sales were reported down 3.4 percent YoY from June 2023 and down 0.1 percent versus May 2024.
  • General Merchandise Store sales were up 3.3 percent YoY.
  • Department Stores were up 1.7 percent YoY.
  • Clothing & Clothing Accessories Stores sales were up 4.3 percent YoY.
  • Electronics & Appliance Stores sales grew 2.7 percent YoY.

Image courtesy Tanger Outlet Center