U.S. retail sales, measured monthly by the US Census Bureau, continued to rise in July as Amazon's Prime Day and major promotions by other brands prompted increased shopping while wage increases gave consumers more money to spend, the National Retail Federation (NRF) reported.
Overall retail sales in July were up 0.7% from June and up 3.2% year over year. That was double the increases seen in June, when sales were up 0.3% month over month and up 1.6% year over year.
July sales were up in five out of nine retail categories on a yearly basis. Online and other non-store sales were up 1.9% relative to June and climbed 10.3% year on year. Retail trade sales grew 0.6% from June 2023, and rose 2% versus last year. Department-store sales rebounded, showing a monthly improvement of 0.9%, compared with a 2.3% decline in June.
“July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending supported by steady job growth and wage gains,” NRF President and CEO Matthew Shay said. “Retailers remain focused on providing essential items at competitive prices for families and students as we approach the end of an expected record back-to-class shopping season.”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
