June Electronics Sales Fell 9% YoY, up 0.4% From May: NRF
Amid rising prices, U.S. retail sales, excluding automobile dealers, gas stations and restaurants, increased 0.6% sequentially in June, but inflation is causing consumers to modify spending behavior to prioritize essentials such as school supplies, said the National Retail Federation Friday.…
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June electronics and appliance store sales were up 0.4% from May and down 8.7% year on year, NRF said. “Unfortunately, modified consumer behavior won’t be sufficient to offset persistent price increases,” said NRF CEO Matthew Shay, backing policy measures including removing China tariffs, smart immigration reforms and investment in supply chain resiliency "to put much-needed dollars back into [Americans'] pockets.” June 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,” said NRF Chief Economist Jack Kleinhenz. Inflation “will continue to be an issue even if it cools down in the months ahead,” Kleinhenz said.