U.S. retail sales grow for tenth consecutive month in July

U.S. retail sales grew for the tenth consecutive month in July, according to the CNBC/NRF Retail Monitor. Total retail sales, excluding automobile dealers and gasoline stations, rose 0.32 percent month-over-month on a seasonally adjusted basis and 5.15 percent year-over-year on an unadjusted basis.

Core retail sales, which exclude restaurants, auto dealers, and gas stations, increased 0.3 percent month-over-month and 4.72 percent year-over-year. While July extended the growth streak, year-over-year growth slowed compared to June, when total sales were up 9.41 percent.

NRF President and CEO Matthew Shay noted that steady wage gains and low unemployment helped households maintain spending momentum despite economic fluctuations. Consumers utilized midsummer sales and early back-to-school promotions to manage budgets.

Sector-specific data showed electronics and appliance stores led yearly growth at 12.04 percent, followed by digital products at 12.02 percent. Grocery and beverage stores saw a 4.52 percent year-over-year increase. Conversely, building and garden supply stores and sporting goods stores experienced year-over-year declines.

Additionally, mall foot traffic increased in July, with visits rising at outlet malls, indoor malls, and open-air shopping centers. Average visit durations also saw growth across all three mall formats.