Retail sales in the United States showed no change in June compared to the previous month, as consumer confidence remained unexpectedly strong.
According to data released by the US Census Bureau on Tuesday, adjusted for seasonal variation, revenue reached $704.3 billion. This figure marks a slight increase from the revised 0.3% growth seen in May, which was initially reported as a 0.1% increase last month.
The June results surpassed analysts’ expectations of a decline, indicating consumers’ cautious approach to spending. They are prioritizing essential purchases amid persistently high interest rates and ongoing inflation concerns, as noted by National Retail Federation (NRF) CEO Matthew Shay.
“While month-over-month sales growth was moderate, year-over-year gains in total retail sales were the strongest since last autumn,” Shay commented.
Compared to the same period last year, sales in June rose by 3.4%, similar to May’s year-on-year increase of 3%. NRF data also showed a 2.4% improvement in total sales for the first half of the year compared to the previous year.
Among the nine retail categories monitored by the NRF, five experienced year-on-year growth in June. However, the clothing and accessories category, including jewelry, saw a slight decrease of 0.1% compared to May, but a 5% increase compared to the same period last year.
Online sales showed the most significant year-on-year increase, rising by 23%. On the other hand, sales at building and garden supply stores, electronics and appliances retailers, sporting goods, hobby, music and bookstore outlets, and furniture stores all declined during the same period.
