Tight Supply Chain Affects U.S. Retail Sales

U.S. retail sales slowed during July as retailers continued to face supply chain disruptions and increased COVID-19 vaccinations allowed consumers to shift some spending from goods to activities despite the delta variant, says the National Retail Federation. Overall retail sales in July were down 1.1 per cent seasonally adjusted from June but up 15.8 per cent year-over-year. That compares with an increase of 0.7 per cent month-over-month and an increase of 18.7 per cent year-over-year in June. Despite occasional month-over-month declines, sales have grown year-over-year every month since June 2020. Building materials and garden supply stores July sales were down 1.2 per cent month-over-month seasonally adjusted, but up 5.3 per cent unadjusted year-over-year.