National Retail Federation: Sales remain soft despite stimulus checks
Despite the millions of tax rebate checks that were delivered in June, consumer spending remained soft last month, according to National Retail Federation statistics released Tuesday.
The trade group reported retail industry sales for June (which exclude automobiles, gas stations and restaurants) rose 1.3 percent unadjusted over last year and increased 0.2 percent seasonally adjusted month-to-month.
Numbers released by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.1 percent seasonally adjusted from the previous month and increased 1.0 percent unadjusted year-over-year.
“Many consumers have been practical with their tax rebate checks, using them to offset higher prices of gas and food,” said Rosalind Wells, chief economist, for the organization. “As retailers enter the back to school season, they will have to be creative in finding ways to get consumers to spend on discretionary items.”
Health and personal care stores sales remained solid, increasing 0.6 percent seasonally adjusted from last month and 2.7 percent unadjusted year-over-year. Additionally, sales at general merchandise stores increased 0.4 percent seasonally adjusted month-to-month and 4.8 percent unadjusted from last year. Sales at food and beverage stores increased 0.7 percent seasonally adjusted from May and 3.1 percent unadjusted year-over-year.
