US clothing retail sales down 0.4% MoM in June: NRF

Online and other non-store sales were up 2.2 per cent MoM seasonally adjusted and up 9.6 per cent unadjusted YoY.

NRF’s calculation of retail sales – which excludes automobile dealers, gasoline stations and restaurants to focus on core retail – showed June was up 0.6 per cent from May and up 5.8 per cent unadjusted YoY. In May, sales were down 0.3 per cent MoM but up 6.3 per cent YoY. NRF’s numbers were up 5.8 per cent unadjusted YoY on a three-month moving average as of June. Sales were up 7 per cent YoY for the first six months of the year.

“June retail sales data shows that consumers remain on solid footing despite rising prices and an active Fed raising interest rates to combat it,” NRF president and CEO Matthew Shay said in a press release. “Inflation has consumers modifying their spending behaviour and prioritising essentials like food, energy and back-to-school items. Unfortunately, modified consumer behaviour won’t be sufficient to offset persistent price increases. Other policy measures like removing China tariffs, enacting smart immigration reforms and investing in supply chain resiliency are needed to lower costs for American families and put much-needed dollars back into their pockets.”

“June’s 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,” NRF chief economist Jack Kleinhenz said. “Inflation remains a challenge to consumers trying to make ends meet and will continue to be an issue even if it cools down in the months ahead. Despite that, consumers are holding up notably well and continuing to spend.”

The US Census Bureau said overall retail sales in June were up 1 per cent seasonally adjusted from May and up 8.4 per cent YoY. That compared with a 0.1 per cent MoM decrease and 8.2 per cent YoY increase in May.

Fibre2Fashion News Desk (KD)