June Retail Sales Remain Steady

Though data from the U.S. Census Bureau shows that June saw year-over-year growth.

July 18, 2024

According to data from the United States Census Bureau, overall retail sales were unchanged month-over-month in June, but were up 2.3% year-over-year. Some analysts had predicted that sales would fall in June, but instead there was overall growth, with the overall retail and foodservice sales being $704.3 billion.

Food services and drinking places were up 4.4% from June 2023. The National Retail Federation (NRF) reported that “Grocery and beverage stores were up 1.01% month-over-month seasonally adjusted, and up 4.31% year-over-year unadjusted.”

"The path of household spending remains difficult to read,” said Jack Kleinhenz, chief economist, National Retail Federation. “Spending has been uneven but remains in good condition notwithstanding the slower pace of payrolls, subdued consumer confidence and price deflation for retail goods."

General merchandise stores also saw a jump in sales this June. “General merchandise stores were up 0.61% month-over-month seasonally adjusted and up 5.79% year-over-year unadjusted,” according to the NRF.

“Consumers are being thoughtful about their spending, prioritizing non-discretionary purchases as they continue to face high interest rates and lingering inflation,” National Retail Federation President and CEO Matthew Shay said. “Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet. Month-over-month sales growth was moderate in June, and year-over-year gains for total retail sales were the largest we’ve seen since last fall.”