Retail Sales Continue to Grow in 2018
7-16-2018
Retail sales have continued to grow steadily in 2018 as consumer confidence in the economy persists, multiple metrics released Monday from the U.S. Department of Commerce and the National Retail Federation (NRF) suggest.
NRF said in a news release that retail sales increased 4.2 percent unadjusted year-over-year after strong performances in May and June. June retail sales were up .07 percent seasonally adjusted from May’s already strong performance, the release said.
According to NRF, the three-month moving average for retail sales growth was up 4.4 percent over the same period a year ago, coming in at the top end of NRF’s 2017 forecast of 3.8 to 4.4 percent year-over-year growth in 2018.
According to a report from the Associated Press (AP), the Commerce Department said Monday that sales at retailers and restaurants increased .5 percent in June, and were up 6.6 percent year-over-year.
Low unemployment and accelerating growth have boosted consumer optimism, the AP reports, despite higher prices and modest wage growth.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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