Retail sales slump continues
July 16, 2012,
June retail sales - excluding automobile, gas stations and restaurants -decreased 0.4% seasonally adjusted from May but increased 1.7% unadjusted year-over-year.
In the furniture and home furnishing stores segment, sales decreased 0.8% seasonally-adjusted month-to-month and increased 8.2% unadjusted year-over-year.
Today's June retail sales report by the U.S. Department of Commerce - which include non-general merchandise categories such as automobiles, gasoline stations, and restaurants - fell 0.5% seasonally adjusted month-to-month but increased 3.8% unadjusted year-over-year.
"There is no doubt consumers struggled with discretionary spending last month, but many families may be looking at this as a temporary break as they save up for back-to-school shopping in July and August," said NRF president and ceo Matthew Shay.
NRF chief economist Jack Kleinhenz characterized the numbers as "discouraging but not demoralizing."
He added: "If you look at the first half of the year overall, retail sales actually increased 4.6% year-over-year, indicating that the economy is improving but maybe not quick enough to impact consumer spending and job growth."
Related Content By Author
The Countdown to the ICON Honors Continues featuring Christophe Pourny