June retail sales see gains, report Commerce and NRF

June United States retail sales inched up in May, according to data issued today by the United States Department of Commerce and the National Retail Federation (NRF).

Commerce reported that June retail sales—at $680.6 billion—rose 1.0% compared to May, while posting an 8.4% annual increase, amid ongoing 40-year highs for inflation. And total retail sales, from April through June, saw an 8.1% annual gain.

Retail trade sales were up 1.0% annually, with gasoline stations up 49.1%, due to record-high prices, and food services and drinking places were up 13.4%.

NRF said that in its calculation of retail sales, which excludes automobile dealers, gasoline stations, and restaurants, to focus on core retail, pointed to June retail sales increasing 0.6% over May and up 5.8% on an unadjusted basis annually. NRF also noted that its numbers rose 5.8 on an unadjusted basis on a three-month moving average through June, with retail sales up 7% annually through the first six months of 2022.

“June’s numbers show consumers are powering through price pressures, but inflation is eating away at savings built up during the pandemic and is wiping out recent income gains,” NRF Chief Economist Jack Kleinhenz said in a statement. “Inflation remains a challenge to consumers trying to make ends meet and will continue to be an issue even if it cools down in the months ahead. Despite that, consumers are holding up notably well and continuing to spend.”

NRF added that June retail sales saw gains in seven out of nine categories it tracks on an annual basis, while seeing declines in more than half of the categories it tracks on a sequential basis, including:

• Online and other non-store sales were up 2.2 percent month over month seasonally adjusted and up 9.6 percent unadjusted year over year;
• Grocery and beverage stores were up 0.4 percent month over month seasonally adjusted and up 7.5 percent unadjusted year over year;
• Building materials and garden supply stores were down 0.9 percent month over month seasonally adjusted but up 6.7 percent unadjusted year over year;
• Furniture and home furnishings stores were up 1.4 percent month over month seasonally adjusted and up 4.8 percent unadjusted year over year;
• Sporting goods stores were up 0.8 percent month over month seasonally adjusted and up 2.4 percent unadjusted year over year;
• General merchandise stores were down 0.2 percent month over month seasonally adjusted but up 2.1 percent unadjusted year over year;
• Clothing and clothing accessory stores were down 0.4 percent month over month seasonally adjusted but up 0.2 percent unadjusted year over year;
• Health and personal care stores were down 0.1 percent month over month seasonally adjusted and down 0.5 percent unadjusted year over year; and
• Electronics and appliance stores were up 0.4 percent month over month seasonally adjusted but down 8.7 percent unadjusted year over year