Retail sales in the US improved last month despite increasing inflation, according to data from the National Retail Federation (NRF).
The figures, based on data from the US Census Bureau, revealed that overall retail sales in June grew by 1% seasonally adjusted from May and were up by 8.4% year-over-year (YoY).
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Retail sales in June, excluding those at automobile dealers, gasoline stations and restaurants, increased by 0.6% seasonally adjusted from May and 5.8% unadjusted YoY.
Online and other non-store sales were up by 2.2% seasonally adjusted from the previous month and 9.6% unadjusted YoY.
Grocery and beverage stores also recorded a 0.4% growth in sales seasonally adjusted from May and were up by 7.5% unadjusted from last year.
Sales at clothing and clothing accessory stores dropped by 0.4% from May seasonally adjusted, but increased by 0.2% unadjusted YoY.
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By GlobalDataIn addition, sales of general merchandise stores declined by 0.2% month-over-month seasonally adjusted and rose by 2.1% unadjusted YoY.
NRF president and CEO Matthew Shay said: “June retail sales data shows that consumers remain on solid footing despite rising prices and an active Fed raising interest rates to combat it.
“Inflation has consumers modifying their spending behaviour and prioritising essentials like food, energy and back-to-school items.
“Unfortunately, modified consumer behaviour won’t be sufficient to offset persistent price increases.
“Other policy measures like removing China tariffs, enacting smart immigration reforms and investing in supply chain resiliency are needed to lower costs for American families and put much-needed dollars back into their pockets.”
Last month, data from the NRF found that retail sales in the US dropped by 0.3% in May seasonally adjusted from April, but were up by 8.1% YoY.
Sales during the month fell in nearly half of the nine categories studied on a monthly basis, but increased in eight categories on a yearly basis.
