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US Retail Sales Gain Strongly in June
Jul 22, 2019 9:28 AM
By Rapaport News
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RAPAPORT... US retail sales rose in June, amid improved consumer
sentiment and a healthier economic outlook, according to the National Retail
Federation (NRF).
Total purchase value grew 2.3% year on year in June, with
the three-month moving average, which includes April, May and June sales, up
3.7% over the same period a year ago. The moving average for the three months
to May rose 3.3% over the year before, the trade organization reported.
“[The] results show the consumer remains engaged,” said NRF
chief economist Jack Kleinhenz. “The numbers are consistent with elevated
consumer sentiment, healthy household balance sheets, low inflation, and wage and
job gains.”
The growth is even more significant because it comes on top
of strong gains at the same time last year, Kleinhenz added.
However, consumer-sentiment data was less positive for the month. The Consumer Confidence Index fell to 121.5 in June
from 131.3 in May, the Conference Board reported.
“After two consecutive months of improvement, consumer
confidence declined in June to its lowest level since September 2017,” said
Lynn Franco, senior director of economic indicators at the Conference Board. “The
escalation in trade and tariff tensions earlier this month appears to have
shaken consumers’ confidence.”
While the NRF’s outlook is positive, it does note the
potential for the US-China trade war to affect US retail sales. “Trade
uncertainties continue to weigh on the long-term outlook,” it observed.
Image: Women shopping at a mall. (Shutterstock)
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Tags:
Conference Board., Jack Kleinhenz, Lynn Franco, National Retail Federation, NRF, Rapaport News, US retail sales
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