US retail sales beat expectations to rise 0.7% in July

investmentweek.co.uk:

Total sales for the May 2023 through July 2023 period were up 2.3% from the same time a year ago.

Over the year since July 2022, retail and food sales rose 3.2%.

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The figures are adjusted for seasonal variation and holiday and trading-day differences, but not for inflation, showing consumers are keeping ahead of pervasive price increases over the past two years. 

Total sales for May 2023 through July 2023 were up 2.3% from the same time a year ago. 

The May 2023 to June 2023 percentage change was revised from up 0.2% to up 0.3%, the Department of Commerce said.

July's numbers were boosted by a 1.9% jump in spending at online retailers, while sporting goods and related stores increased 1.5% and food service and drinking places rose 1.4%.

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On the downside, furniture sales slumped 1.8% and electronics and appliance stores reported a 1.3% drop. Gas station sales rose just 0.4% on the month despite rising prices at the pump.

Overall retail trade sales were up 0.6% from June 2023, and 2% above last year. 

Nonstore retailers were up 10.3% from last year, while food services and drinking places were up 11.9% from July 2022.

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