US retail sales impacted by ‘prolonged uncertainty’, yet yearly figures rise

New figures from the National Retail Federation (NRF) and CNBC have shown a drop in monthly sales in the US, the first decline since February. While spending was said to be down in all sectors throughout June when compared to the month prior, in contrast, figures rose year-over-year.

According to the CNBC/NRF Retail Monitor, total retail sales, excluding automobiles and gasoline, fell 0.33 percent month-over-month on an adjusted basis in June, compared to an increase of 0.49 percent in May. YoY sales were up 3.19 percent, falling slightly below the 4.44 percent rise seen in the previous month.

For the first six months of the year, total sales were up 4.66 percent, while core sales, which also exclude restaurants, increased 4.93 percent. On a yearly basis, sales were up in seven out of nine categories, with sporting goods stores and digital product retailers leading the way.

Clothing and accessories stores reported a monthly decrease of 0.22 percent in sales, seasonally adjusted. Compared to the same period last year, sales were up 2.71 percent.

In a statement, NRF president and CEO, Matthew Shay, said: “June’s numbers indicate that prolonged uncertainty surrounding the economy, tariffs and trade policy could be pushing consumers to adopt a ‘wait-and-see’ approach with their household budgets.

“This was the first monthly decline since February, and spending was down across almost all sectors. Economic fundamentals haven’t been disrupted yet and shoppers still have the ability to spend on priorities, but the economy is gradually slowing and there has been an impact on the psyche of consumers.”