According to a recent report from the National Retail Federation, retail industry sales increased by .1 percent during July and by 6 percent over the last year. This shows that consumers are still hesitant to spend money, but are becoming more confident over time.
"Consumer spending in August was tempered by a continued lack of confidence in the strength of our economy," Matthew Shay, president and CEO of NRF, said in a statement. "Having carried the brunt of the economic recovery so far, consumers may be waiting for good news in terms of employment and market stability, cautiously spending on things they need and thinking twice about things they want."
A separate report from the U.S. Department of Commerce found that total retail sales - including such items as gas, automobiles, and restaurants - increased by .1 percent in July and by 9 percent over the year.
The following types of stores saw sales growth over the month:
- Sporting goods, hobby, book, and music stores - +2.4 percent
- Electronic and appliance stores - +.5 percent
- Health and personal care stores - +.2 percent
- Building material and supplies stores - +.2 percent