National retail sales climbed again for the 10th consecutive month in July, according to the National Retail Federation, but furniture was among four categories that saw month-over-month sales declines.
According to this week’s data from the CNBC/NRF Retail Monitor, total retail sales — excluding automobile and gasoline — rose 0.32% seasonally adjusted month over month and by 5.15% unadjusted year over year in July. Those numbers are slightly slower than June’s month-over-month increase of 0.33% and last month’s year-over-year gain of 9.41%.
“Retail sales maintained their steady upward momentum in July as consumers kept shopping despite ups and downs in other economic indicators,” NRF President and CEO Matthew Shay said. “Supported by a low unemployment rate and steady wage gains, households remained budget-conscious but took full advantage of midsummer sales and early back-to-school promotions to stretch their dollars. Retailers helped balance budgets by remaining committed to affordability, ensuring that everyday products remain accessible for American families.”
The Retail Monitor calculation of core retail sales (excluding restaurants, auto dealers and gas stations) was up 0.3% month over month in July and was up 4.72% year over year. In June, that increase was 0.36% month over month and 10.08% year over year. Total sales were up 6.57% year over year during the first seven months of the year, and core sales were up 6.53%.
While overall retail was up, home furnishings store sales were down 0.04% month over month seasonally adjusted, but up 2.71% year over year unadjusted for July. Building and garden supply stores also were down in July by 0.17% month over month seasonally adjusted and down 1.2% year over year unadjusted. The only other retail outlets that saw declines were electronics and appliance stores, as well as sporting goods, hobby, music and bookstores.
Categories seeing gains included digital products such as electronic books and games, general merchandise, clothing and accessories, and grocery and beverage stores. The category breakdown shows that despite overall retail improvement, consumers are continuing to purchase cautiously when it comes to bigger-ticket or more nonessential items such as furnishings and home improvement products.
