Steady consumption buoys US retail sector
Retail sales in the US recorded a slight growth in June as market consumption persists amid slower employment growth, the National Retail Federation (NRF) reported.
Citing data from the US Census Bureau, NRF said overall retail sales in June were up 0.2 per cent from May this year and 1.5 per cent from the same period in 2022. By comparison, sales in May 2023 rose 0.5 per cent from April and 2 per cent year on year.
June sales increased in six out of nine retail categories on a yearly basis, led by online sales, health and personal care stores and electronics and appliances stores.
Clothing and clothing accessory stores, which include jewellery shops, increased by 0.6 per cent month on month seasonally adjusted and by 1.3 per cent unadjusted year on year.
NRF President and CEO Matthew Shay said retail sales in June reflected consumers’ solid footing and sustained spending on household priorities.
“The pace of spending is slower, but consumers are still in control of the direction of the economy, thanks to the still-growing labour market and a comfortable cushion of savings,” NRF Chief Economist Jack Kleinhenz said. “Jobs are not growing as fast as they were, but employment is by no means in a slump.”