June Retail Sales Improve as Expected, Given Confidence

Retail sales improved as expected in June. Online retailers and home improvement stores led the strongest growth.

The pickup is as predicted by the Spending Confidence Index™ (found here) that consumer spending plans would improve led by discretionary goods—especially homegoods and leisure goods.

Also boosting growth at traditional retail stores was relatively healthy month-to-month growth at furniture stores, drug stores, and big-box mass stores, according to a first look at the latest U.S. retail numbers.

  • Retail Sales Trends - MacroSavvyIn June, seasonally adjusted sales excluding autos, food service, and fuel improved to 4.6% growth. That’s nearly a percentage point better than the prior month and up from the 4.0% year-to-date pace. These measures exclude gasoline and fuel dealers.
  • Online and other nonstore retailers remain the growth leader among retail segments, jumping to 14.2% growth year-to-year.
  • Home improvement stores surged 3.9% month-to-month and are up 7.5% year-to-date.
  • Clothing stores were the laggard—falling about 1.0% month-to-month and year-to-year—as apparel store retailers likely lost further ground in June to online apparel retailers.

See the table summary for more detail.

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