NRF: Consumers keep shopping despite inflation

The U.S. Census Bureau said that overall retail sales in July were unchanged from June,  but up 10.3% year over year. That compared with increases of 0.8%  month over month and 8.5% year over year in June. On a three-month moving average, sales were up 9.2%  year over year.

Some details:

• Online and other non-store sales were up 2.7% month-over-month seasonally adjusted and up 18.1% unadjusted year-over-year.
• Building materials and garden supph ly stores were up 1.5% month-over-month seasonally adjusted and up 6.2% unadjusted year-over-year.
• Grocery and beverage stores were up 0.2% month-over-month seasonally adjusted and up 7.7% unadjusted year-over-year.
• Sporting goods stores were up 0.1% month-over-month seasonally adjusted and up 3% unadjusted year-over-year.
• Health and personal care stores were up 0.4% month-over-month seasonally adjusted and up 1.5% unadjusted year-over-year.
• Clothing and clothing accessory stores were down 0.6% month-over-month seasonally adjusted but up 0.2% unadjusted year-over-year.
• General merchandise stores were down 0.7% month-over-month seasonally adjusted and down 0.1% unadjusted year-over-year.
• Furniture and home furnishings stores were up 0.2% month-over-month seasonally adjusted but down 0.3% unadjusted year-over-year.
• Electronics and appliance stores were up 0.4% month-over-month seasonally adjusted but down 11.3% unadjusted year-over-year.

“Retail sales were up considerably compared with a year ago even though consumers are more discerning in this economic environment,”

stated NRF chief economist Jack Kleinhenz.