June retail sales mark 12 consecutive months of growth
Home Accents Today Staff -- Home Accents Today, 7/18/2011 4:07:09 PM
WASHINGTON - Warm weather, lower gas costs and strong Father's Day promotions put consumers in a spending mood in June, boosting retail sales for the 12th consecutive month and surpassing many analysts' expectations. According to the National Retail Federation, retail industry sales (which exclude automobiles, gas stations, and restaurants) in June increased 0.3% seasonally adjusted from May and 5.5% unadjusted year-over-year.
Home furnishings stores sales decreased 0.8% seasonally adjusted over May and increased 0.2% unadjusted year-over-year. Sales at building material and garden equipment stores increased 1.3% seasonally adjusted month-to-month and 8.5% unadjusted over last year.
"A solid year of growth in sales provides further evidence that retailers continue to lead the charge in the economic recovery," said NRF President and CEO Matthew Shay. "While spending continues to surpass expectations, sustained growth in the retail sector depends on a strong labor market."
"With the summer season well underway, retailers are hoping this momentum continues through the back to school season," said NRF Chief Economist Jack Kleinhenz. "Knowing that shoppers remain concerned about the economy, companies have already begun offering aggressive promotions to entice shoppers."
June retail sales released by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.1% seasonally adjusted month-to-month and 8.4% unadjusted year-over-year.
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