Total retail sales in the US, excluding automobiles and gasoline, saw a modest increase of 0.74% month-on-month in July 2024, seasonally adjusted, according to Consumer News and Business Channel/National Retail Federation (CNBC/NRF) Retail Monitor data.  

Year-on-year, sales were up 0.92% unadjusted.  

Core retail sales, which exclude restaurants, also experienced growth, rising by 0.95% month-on-month and 1.69% year-on-year.  

These figures represent a slight deceleration from June's growth rates of 0.3% and 3.07% respectively.  

Overall, total sales for the first seven months of 2024 increased by 2.1% and core sales increased by 2.4%. 

During the month, online and other non-store sales rose by 0.82% month-on-month, seasonally adjusted, and 18.45% year-on-year, unadjusted.  

Sales in clothing and accessories stores saw a 0.57% month-on-month increase in July and a 5.27% year-on-year uptick.  

General merchandise stores enjoyed a 1.27% month-on-month rise and a modest 1.13% year-on-year increase.  

Grocery and beverage stores reported a 0.6% month-on-month increase and a slight 0.47% year-on-year growth. 

Health and personal care stores also performed well, with a 1.75% month-on-month increase and a 9.68% rise year-on-year. 

However, not all sectors fared well. Electronics and appliance stores declined, with sales dropping by 0.53% month-on-month and 1.97% year-on-year. 

NRF president and CEO Matthew Shay said: "July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value. 

“Labour market trends have softened recently, and interest rates remain high, but economic fundamentals are intact, and inflation has fallen to nearly zero for goods even though prices for services are elevated. July sales were likely bolstered by back-to-school and back-to-college spending, reflected in gains for retailers selling everything from clothing and crayons to computers and dorm room furnishings.”