WASHINGTON–U.S. retail sales totaled $342.3 billion in July on a seasonally adjusted basis, 0.9 percent down from June and 8.3 percent less than July 2008.
For the department-store sector, sales totaled $15.1 billion, a decrease of 1.6 percent from June and 11.5 percent from July of last year. The numbers were a sign that consumer spending remains in the doldrums even as other parts of the U.S. economy begin to reverse their courses upward, according to a statement from the National Retail Federation.
“Many families postponed the bulk of their back-to-school shopping this year, possibly waiting to take advantage of their state sales-tax holiday or hoping for additional discounts,” said Rosalind Wells, NRF’s chief economist.
Another indicator shows that back-to-school may be no guarantor of an uplift in retail sales this month. NRF’s back-to-school survey found that the average family with students in grades kindergarten to 12 would spend 7.7 percent less on school items this year than they did in the 2008 season.