IE Business Daily Business news for the Inland Empire.
Nationwide retail spending made a comeback in July, boosted by summer sales that were put into place before more tariffs begin to affect the price of some goods, according to the National Retail Federation.
Retail sales last month were up 1.45 percent month-over-month and up 5.8 percent over last year, according to the CNCB/NRF Retail Monitor Retail Monitor.
That data does not include gasoline and automobiles. The month-over-month numbers are seasonally adjusted, the year-over-year numbers are not.
“Consumer spending increased in July, driven by successful summer sales events held by many retailers and shoppers continuing to pull purchases forward ahead of tariffs,” said Matthew Shay, the federation’s president and chief executive officer, said in the statement. “Month-over-month gains were sizeable against a weaker-than-normal June.”
Total sales were up 4.8 percent year-over-year for the first seven months of the year, while core sales were up five percent, the federation reported.
