Retail Sales Rise on Strong Electronics and Appliance Stores Sales

Sales at electronics and appliance stores jumped much higher in July, pushing up overall sales despite a reported decline in sales of autos.

Retail sales at electronics and appliance stores jumped 22.9 percent on a seasonally adjusted basis, following a 37.6 percent gain in the prior month, data published by the Commerce Department on Friday showed. Compared with a year ago, July’s appliance and electronics sales were down 2.8 percent.

For the first seven months of the year, sales at electronic and appliance stores are down 18.6 percent.

Overall retail sales rose at a seasonally adjusted 1.2 percent, below the consensus forecast for a 2 percent growth. Excluding autos, however, sales were up 1.9 percent, beating expectations for a 1.5 percent gain.

Overall retail sales grew 8.4 percent in June after a double-digit percentage rise in May. Three months of gains has pushed sales above the pre-pandemic level seen in February, a remarkable recovery following unprecedented declines as much of the economy shut down in March and April to combat the coronavirus.

Auto sales have reportedly been strong since the economy reopened but the Commerce Department’s data showed sales falling 1.2 percent in July. In June, auto sales were up 9.1 percent. Compared with a year ago, auto sales were up 6.1 percent.

Sales at gas stations were up for a second consecutive month, rising 6.2 percent as gas prices moved up. Compared with a year ago, gas station sales were down 15.6 percent.

Grocery store sales rose 0.4 percent and they are 10.6 percent higher than a year ago. Over the first seven months of the year, grocery store sales are up 12.8 percent.

Sales in restaurants and bars rose 5 percent following the June reopening surge of 26.7 percent. Compared with a year ago, sales were down 18.9 percent. Year to date, sales are down 21.4 percent.

Clothing store sales were up 5.7 percent but are still down 21.9 percent compared with a year ago. Year to date, sales at these stores have plunged 36.5 percent.

Sales at home improvement stores slipped 2.9 percent for the month but were 14.8 percent higher than a year ago. Year to date, sales are up 11.3 percent.