Retail sales showed moderate growth in June amid a still-solid economy and near-zero inflation for retail goods, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released Friday by the National Retail Federation (NRF).
Total retail sales, excluding automobiles and gasoline, were up 0.47% seasonally adjusted month over month and up 3.42% unadjusted year over year in June, according to the Retail Monitor. That compared with increases of 1.35% month over month and 3.03% year over year in May.
And the Retail Monitor calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up 0.3% month over month in June and up 3.07% year over year. That compared with increases of 1.2% month over month and 2.88% year over year in May.
“Consumers are being thoughtful about their spending, prioritizing non-discretionary purchases as they continue to face high interest rates and lingering inflation,” NRF President and CEO Matthew Shay said in a release. “Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet. Month-over-month sales growth was moderate in June, and year-over-year gains for total retail sales were the largest we’ve seen since last fall.”
