July Retail Sales Rose 4.9%, but Tariffs Potential ‘Fly in the Ointment,’ Says NRF
July retail sales increased 0.4 percent sequentially from June and 4.9 percent year over year, “as consumers continued to spend despite concerns about the growing trade war,” said the National Retail Federation Wednesday. Consumer spending is the “backbone of the…
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current economic expansion,” but “uncertainty” over the Trade Act Section 301 tariffs on Chinese imports is the potential “fly in the ointment,” said NRF: “If they escalate, they will no doubt weigh on confidence and household spending.” Retail sales at electronics and appliance stores were up 4.2 percent year over year in July, 0.1 percent sequentially from June, said NRF. Overall online sales were up 11.3 percent year-over-year and 0.8 sequentially, it said. NRF upgraded its 2018 retail sales forecast Monday, despite tariffs remaining a big worry (see 1808130009).