According to the CNBC/NRF Retail Monitor, US clothing and accessory stores sales decreased by 0.22% in June after seasonal adjustments. Without seasonal adjustments, sales in these categories grew 2.71% compared to the same month in the previous year, however, this growth is less than the 3.21% year-on-year increase recorded in May 2025.

NRF president and CEO Matthew Shay said: “This was the first monthly decline since February, and spending was down across almost all sectors. Economic fundamentals haven’t been disrupted yet and shoppers still have the ability to spend on priorities, but the economy is gradually slowing and there has been an impact on the psyche of consumers. 

While passage of the ‘Big Beautiful Bill’ is clearly supportive of economic growth, unresolved and restrictive trade policies remain a significant headwind.”  The Retail Monitor, which is powered by Affinity Solutions, also shows that overall retail sales, excluding automobiles and gasoline, dropped by 0.33% seasonally adjusted month over month but increased by 3.19% unadjusted year over year in June this year. This contrasts with the increases of 0.49% month over month and 4.44% year over year in May.

Core retail sales, which includes categories except restaurants, automobile dealers and gasoline stations, fell by 0.32% month over month in June but rose by 3.36% year over year.      

  These figures compare with increases of 0.23% month over month and 4.2% year over year in May.

For the first half of the year, total sales were up by 4.66% year over year, while core sales increased by 4.93%. The monthly declines were the first since February when both total and core sales saw a decrease of 0.22% from January.       

On an annual basis, June sales increased in seven out of nine categories, led by digital products, sporting goods stores, and health and personal care stores; however, on a monthly basis, sales were down in all but one category.

NRF chief economist Jack Kleinhenz recently cautioned that US tariff disputes and policy changes are causing ‘anxiety and confusion,’ contributing to economic uncertainty.

Meanwhile, US President Donald Trump has “threatened” fresh tariffs of 30% on imports from Mexico and the EU, starting 1 August 2025.

Trump justified these measures on social media by pointing to drug trafficking issues with Mexico and longstanding trade imbalances with the EU.

This announcement followed earlier warnings issued by Trump to more than 20 countries regarding potential tariffs ranging from 25% to 40%, set to take effect from August unless new bilateral trade agreements are reached. The countries affected include Japan, South Korea, and South Africa.