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.