Washington - The National
Retail Federation (NRF) reported today that despite the gloomy economic news
July consumer retail sales increased 0.3 percent.
The 0.3 percent increase
is seasonally adjusted from June. Compared un-adjusted year over year the
increase is 4 percent.
"In a week of stock
market volatility, retail continues to be a steadying force in the economic
recovery," said NRF president and CEO Matthew Shay. "Consumers are showing that
they still have spending power, and with a renewed focus on job creation we are
optimistic this recovery can still get back on track."
Sales of electronic and
major appliance products increased 1.4 percent seasonally adjusted month-over-month,
but decreased 0.7 percent unadjusted compared to the same period last year.
The NRF figures include
sales of electronics, apparel and school supplies.