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U.S. retail sales volumes in July point to solid consumption

Staff Writer |
Retail sales in the U.S. rose a tad more strongly than expected in July, boosted by sales at department stores and for clothing.

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Total US retail sales volumes jumped by 0.5% month-on-month in July to reach $507.53bn, according to the Department of Commerce.

That was much better than the 0.1% rise that economists had penciled-in, but was offset by a downwards revision of three tenths of a percentage point to June's reading, which was marked down to 0.2%.

Excluding automobile and gasoline station sales, volumes were up by 0.6% against June.

If just automobile sales are stripped out, then sales volumes rose by 0.6% month-on-month (consensus: 0.4%), although June's reading was revised down by two-tenths of a percentage point to 0.2%.

Versus June, the strongest readings were seen in sales of clothing and clothing accessories, which grew by 1.3%, together with a 1.2% jump in sales at merchandise stores.

Sales at food services and drinking places were also strong, increasing by 1.3%.

Meanwhile, automobile and gasoline station sales were up by 0.2% and 0.8%, respectively.

Versus a year ago, total retail sales were 6.4% stronger.

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