Online retailers aid July sales boost

A recently released report attributes a portion of the 0.6 percent July rise in retail sales to online retailers.

Officials said the increase, detailed in the NAFCU Macro Data Flash report, represents the greatest uptick since December.

“Online retailers, boosted by Amazon’s Prime Day sales, were among the growth leaders,” Yun Cohen, NAFCU research assistant, said. “Overall, recent retail figures were much stronger than previously thought, which should bode well for economic growth in the coming months.”

NAFCU officials noted Census Bureau data revealed year-over-year growth in retail sales was 4.2 percent in July – representing a rise from 3.4 percent in June.

The numbers determined core retail sales increased 4 percent from a year ago while auto and gas sales rose 4.7 percent from last year.

“Sales continue to be constrained by muted wage growth and the lack of retail inflation,” Cohen said. “Meanwhile, the shift to online shopping continues to take a toll at brick-and-mortar stores.”

Cohen said June’s retail sales were revised upward from a 0.2 percent decline to 0.3 percent growth and May’s sales were revised from a 0.1 percent decline to flat growth.

NAFCU officials said the organization is a direct membership association committed to representing, assisting, educating and informing credit unions.