“Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” National Retail Federation (NRF) President and CEO Matthew Shay said. “Americans are showing their continued resilience and willingness to spend in the face of this unprecedented pandemic and government actions to date have clearly supported consumers and the economy in this process. Retailers all across the country have demonstrated that their stores and supply chains can be operated safely and effectively for associates and their customers by following established guidelines and protocols. We encourage Congress and elected leaders at all levels of government to enact policies that support consumers and keep the economy open.”

“Retail sales are starting the third quarter on a solid footing considering the nosedive we saw this spring, but we have to remember that there’s uncertainty about economic policy and that the resurgence of the virus is putting pressure on the fledgling recovery,” NRF chief economist Jack Kleinhenz said. “While households are spending, they are anxious about their health and economic well-being, so they are being pragmatic. The amount of uncertainty about forecasting is huge as we look towards the second half of the year, and what happens with the economy comes down to what the coronavirus allows us to do.”

Meanwhile, the US Census Bureau has said that overall retail sales during July were up 1.2 per cent seasonally adjusted from June and up 2.7 per cent year-over-year. That follows an 8.4 per cent month-over-month increase in June. Retail sales have been climbing after a record monthly drop while most stores were closed in April.

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants in order to focus on core retail – showed July was up 1 per cent seasonally adjusted from June and up 10 percent unadjusted year-over-year. NRF’s results are different from the Census Bureau’s figures because of the categories excluded by NRF.

The July numbers were part of a strong trend: NRF’s numbers were up 7.1 per cent unadjusted year-over-year on a three-month moving average and up 4.7 per cent for the first seven months of the year.

Fibre2Fashion News Desk (RKS)