Economy
Retail Spending Remains Strong, Up More Than 6% in July
Published:
Last Updated:
U.S. consumer spending increased by 6.4% year over year to $507.5 billion in July and up by 0.5% month over month from a downwardly revised June total of $504.9 billion. The U.S. Census Bureau released its estimated retail sales data for July Monday morning. A poll of economists had forecast that retail sales would rise 0.1% compared with sales in June.
With the single exception of sales of in the sporting goods, hobby, musical instrument and bookstores category, month-over-month sales increased in every business sector. The revised June month-over-month increase totaled 0.2% over May sales.
Sales of motor vehicles rose 0.2% month over month from June and rose 4% compared with June 2017. Car sales totaled $95.55 billion last month on an adjusted basis, up from $95.37 billion in June and up from $92.08 billion in July 2017.
Total retail sales for the seven-month period between January and July rose 5.5% compared with year-ago totals.
Retail trade sales rose 0.4% month over month and jumped 6% year over year. Nonstore retail sales rose 8.7% year over year. Month over month, nonstore retail sales rose 0.8%.
Gasoline station sales rose 0.8% month over month and are up 22.2% year over year. The increase is due largely to higher pump prices. Unadjusted gas sales totaled were about $8.3 billion more in July than in the same month last year.
Electronics stores posted a sales increase of 0.1% month over month and a year-over-year increase of 4.2% in sales.
Department stores posted a month-over-month sales increase of 1.2% and were up 0.3% year over year.
Sales of building materials and garden supplies were flat month over month and up 3.4% higher year over year.
Food services and bar sales increased by 1.3% month over month and are up 9.7% year over year.
Clothing stores posted a month-over-month gain of 1.3%, and have added 6.44% year to date compared to July 2017.
24/7 Wall St.Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
