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- U.S. retail sales climb more than expected in July
U.S. retail sales climb more than expected in July
U.S. retail
sales climb more than expected in July
The Commerce
Department announced on Thursday the sales at U.S. retailers rose 0.7 percent
m-o-m in July, following a revised 0.3 percent m-o-m advance in June (originally
a gain of 0.4 percent m-o-m), supported by higher purchases of a range of goods.
Economists had
expected total sales would increase 0.3 percent m-o-m in July.
Excluding auto,
retail sales also increased 1.0 percent m-o-m in July after a revised 0.3
percent m-o-m advance in the previous month (originally an advance of 0.4
percent m-o-m), exceeding economists’ forecast for a 0.4 percent m-o-m gain.
Meanwhile,
closely watched core retail sales, which exclude automobiles, gasoline,
building materials and food services, and are used in GDP calculations, jumped
1.0 percent m-o-m in July after an unrevised 0.7 percent m-o-m rise in June.
In y-o-y terms,
the U.S. retail sales surged 3.4 percent in July, the same pace as in the
previous month.
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