U.S. Retail Sales Climb 0.5% In July, More Than Expected
15 August 2018 - 11:28AM
RTTF2
Retail sales in the U.S. climbed by much more than expected in
the month of July, the Commerce Department revealed in a report on
Wednesday, although the report also showed a significant downward
revision to the sale growth in June.
The Commerce Department said retail sales rose by 0.5 percent in
July compared to economist estimates for a 0.1 percent uptick.
However, the report also showed the increase in retail sales in
June was downwardly revised to 0.2 percent from the 0.5 percent
previously reported.
The stronger than expected retail sales growth in July was
partly due to a modest increase in sales by motor vehicle and parts
dealers, which edged up by 0.2 percent after inching up by 0.1
percent in June.
Excluding the increase in auto sales, retail sales climbed by
0.6 percent in July after rising by 0.2 percent in June. Ex-auto
sales had been expected to rise by 0.3 percent.
The report showed significant sales growth at clothing and
accessories stores, food services and drinking places, and
department stores.
Sales by non-store retailers also advanced by 0.8 percent,
partly reflecting Amazon's (AMZN) record-breaking Prime Day
sale.
Closely watched core retail sales, which exclude automobiles,
gasoline, building materials and food services, climbed by 0.5
percent in July after a revised 0.1 percent dip in June.
"With sales growth having been unusually strong for several
months now, a modest slowdown over the next couple of months looks
inevitable," said Andrew Hunter, U.S. Economist at Capital
Economics.
He added, "Indeed, after the fiscal stimulus-fueled 4%
annualized surge in the second quarter, we continue to expect real
consumption growth to slow to between 2.5% and 3.0% annualized in
the third quarter, with overall GDP growth slowing to a similar
rate."
Compared to the same month a year ago, retail sales were up by
6.4 percent in July versus the 6.1 percent year-over-year increase
in June.
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