June retail sales in the US indicate elevated consumer sentiment: NRF

Retail sales in the US were up 0.6% in June seasonally adjusted from May and up 2.3% unadjusted year-over-year, indicated the National Retail Federation (NRF). The numbers exclude automobile dealers, gasoline stations and restaurants.

“These are impressive results showing that the consumer remains engaged and that consumer spending gave a boost to the economy in the second quarter,” said Jack Kleinhenz, chief economist at NRF. “The numbers are consistent with elevated consumer sentiment, healthy household balance sheets, low inflation and wage and job gains. The year-over-year growth is particularly significant given that it comes on top of strong gains at this time last year. While the prospect of tariff increases has subsided for the moment, trade uncertainties continue to weigh on the long-term outlook.”

As of June, the three-month moving average was up 3.7% over the same period a year ago, compared with 3.3% in May. June’s results build on gains of 0.4% month-over-month and 2.9% year-over-year seen in May.