Retail Sales Continue to Grow in 2018

Retail sales have continued to grow steadily in 2018 as consumer confidence in the economy persists, multiple metrics released Monday from the U.S. Department of Commerce and the National Retail Federation (NRF) suggest.

NRF said in a news release that retail sales increased 4.2 percent unadjusted year-over-year after strong performances in May and June. June retail sales were up .07 percent seasonally adjusted from May’s already strong performance, the release said.

According to NRF, the three-month moving average for retail sales growth was up 4.4 percent over the same period a year ago, coming in at the top end of NRF’s 2017 forecast of 3.8 to 4.4 percent year-over-year growth in 2018.

According to a report from the Associated Press (AP), the Commerce Department said Monday that sales at retailers and restaurants increased .5 percent in June, and were up 6.6 percent year-over-year.

Low unemployment and accelerating growth have boosted consumer optimism, the AP reports, despite higher prices and modest wage growth.