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