Retail sales in July soared with Prime Day sales promotions

The National Retail Federation (NRF) said July saw an uptrend in retail sales in the US, believing Prime Day sales promotions and timely wage increases have influenced the trend.

“July retail sales show consumers continue to drive the economy through this period of economic pressure with robust spending supported by steady job growth and wage gains,” said Matthew Shay, president and CEO of NRF. “Retailers remain focused on providing essential items at competitive prices for families and students as we approach the end of an expected record back-to-class shopping season.”

According to the U.S. Census Bureau, total retail sales in July increased by 3.2% year over year and increased by 0.7% from June.

Meanwhile, excluding automobiles, gasoline, and restaurants, NRF’s results show an increase of 3.8% year over year and an increase of 1% from June. Five out of nine retail categories saw an increase in July on a yearly basis, with online sales, health and personal care, and general merchandise leading the list.

“The data shows the ongoing resilience in consumer spending and how it is fueling the overall economy,” said Jack Kleinhenz, chief economist of NRF. “It’s worth noting that the strong year-over-year gain came partly because sales accelerated this July but were decelerating at the same time last year.”