Veroni - Italian Charcuterie since 1925
Taste the Extraordinary
National Retail Federation Reports June Retail Sales Increased Despite Rising Inflation; Matthew Shay and Jack Kleinhenz Discuss

National Retail Federation Reports June Retail Sales Increased Despite Rising Inflation; Matthew Shay and Jack Kleinhenz Discuss


WASHINGTON DC
Tuesday, July 19th, 2022

With inflation impacting every link in the supply chain, industry operators have been closely monitoring the trends at retail. We recently received word on retail’s sales results for the month of June, as the National Retail Federation (NRF) revealed an impressive increase.

Matthew Shay, President and Chief Executive Officer, National Retail Federation“June retail sales data shows that consumers remain on solid footing despite rising prices and an active Fed raising interest rates to combat it,” President and Chief Executive Officer Matthew Shay said. “Inflation has consumers modifying their spending behavior and prioritizing essentials like food, energy, and back-to-school items. Unfortunately, modified consumer behavior won’t be sufficient to offset persistent price increases. Other policy measures like removing China tariffs, enacting smart immigration reforms, and investing in supply chain resiliency are needed to lower costs for American families and put much-needed dollars back into their pockets.”

As outlined in a recent release, NRF’s calculation of retail sales showed June was up 0.6 percent from May and up 5.8 percent unadjusted year over year. In May, sales were down 0.3 percent month over month but up 6.3 percent year over year. These calculations exclude automobile dealers, gasoline stations, and restaurants to focus on core retail sales.

The National Retail Federation recently revealed that retail sales for the month of June increased despite high rates of inflation

According to the U.S. Census Bureau, overall retail sales in June were up 1 percent seasonally adjusted from May and up 8.4 percent year over year, compared to a 0.1 percent month-over-month decrease and 8.2 percent year-over-year increase in May.

Jack Kleinhenz, Chief Economist, National Retail Federation“June’s numbers show consumers are powering through price pressures, but inflation is eating away at savings built up during the pandemic and is wiping out recent income gains,” Chief Economist Jack Kleinhenz said. “Inflation remains a challenge to consumers trying to make ends meet and will continue to be an issue even if it cools down in the months ahead. Despite that, consumers are holding up notably well and continuing to spend.”

To get a further breakdown of the retail sector’s performance for the month of June, click here.

For more news surrounding the impacts of inflation, you know where to find us.

National Retail Federation
Topics: