Total retail sales, excluding automobiles and gasoline, were up by 0.74 per cent seasonally adjusted month over month (MoM) and up by 0.92 per cent unadjusted year on year (YoY) in July, according to the monitor. That compared with increases of 0.47 per cent MoM and 3.42 per cent YoY in June.

Sales at clothing and accessories stores were up 0.57 per cent MoM seasonally adjusted and up by 5.27 per cent YoY unadjusted in July. Furniture and home furnishings stores were up by 0.32 per cent MoM seasonally adjusted but down 4.79 per cent YoY unadjusted in the month.

The calculation of core retail sales (excluding restaurants in addition to automobiles and gasoline) was up by 0.95 per cent MoM in July and up by 1.69 per cent YoY. That compared with increases of 0.3 per cent MoM and 3.07 per cent YoY in June.

Total sales were up by 2.1 per cent YoY for the first seven months of the year and core sales were up by 2.4 per cent YoY.

“July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value,” NRF president and chief executive officer EO Matthew Shay said in a release.

“Labour market trends have softened recently and interest rates remain high, but economic fundamentals are intact and inflation has fallen to nearly zero for goods even though prices for services are elevated. July sales were likely bolstered by back-to-school and back-to-college spending, which was reflected in gains for retailers selling everything from clothing and crayons to computers and dorm room furnishings,” he noted.

Online and other non-store sales were up by 0.82 per cent MoM seasonally adjusted and up by 18.45 per cent YoY unadjusted in July.

Fibre2Fashion News Desk (DS)