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NRF forecasts that retail sales during 2023 will grow between 4% and 6% over 2022 to between $5.13 trillion and $5.23 trillion. Last year's annual retail sales grew 7% over 2021 and totaled $4.9 trillion. This growth rate is above the pre-pandemic, average annual retail sales growth of 3.6%.

The pullback in retail sales is mostly attributed to the Fed's year-long interest rate hiking campaign, which is slowing inflation by cooling domestic demand. Reports last week showed employment growth and services sector activity slowing in March.

NRF forecasts that retail sales during 2023 will grow between 4% and 6% over 2022 to between $5.13 trillion and $5.23 trillion. Last year's annual retail sales grew 7% over 2021 and totaled $4.9 trillion. This growth rate is above the pre-pandemic, average annual retail sales growth of 3.6%.

US Retail Sales is at a current level of 606.79B, up from 603.14B last month and up from 597.07B one year ago. This is a change of 0.61% from last month and 1.63% from one year ago. US Retail Sales measures the total sales within the US economy excluding food services.

Advance Estimates of U.S. Retail and Food Services Total sales for the June 2023 through August 2023 period were up 2.2 percent (±0.4 percent) from the same period a year ago. The June 2023 to July 2023 percent change was revised from up 0.7 percent (±0.5 percent) to up 0.5 percent (±0.2 percent).

In Q2 2023, total retail sales growth dropped to less than 1% year over year. We last saw such low growth levels, aside from Q2 2020, in 2009.

Total retail sales for the second quarter of 2023 were estimated at $1,798.2 billion, virtually unchanged (±0.2%)* from the first quarter of 2023.

United States: total retail sales 2020-2026 Total retail sales in the United States were projected to amount to 7.9 trillion U.S. dollars in 2026, up from around 6.6 trillion U.S. dollars in 2021.