Strong July Retail Sales Results ‘Consistent With a Confident Consumer,’ Says NRF
July retail sales at electronics and appliance stores declined 2.3 percent from July 2018 but jumped 0.9 percent sequentially from June, said the National Retail Federation Thursday. Online and other non-store sales were up 19.3 percent year over year and…
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up 2.8 percent from June, “likely boosted by Amazon’s Prime Day promotion,” said NRF. Retail sales across the board were up 5.6 percent year over year and 0.9 percent from June, it said. “July’s strong results are consistent with a confident consumer,” it said. “Households are in good shape with spending and that should continue as long as the labor market remains healthy. But it’s important to remember that today’s data is looking backward at what was happening a month ago. The impact of volatile financial markets and increased trade tensions in recent weeks may put a wind of caution in consumer spending as we move forward in 2019.”