U.S. Retail Sales Jump Much More Than Expected Amid Rebound By Auto Sales
2024-08-09
3507
(fxcue news) - Partly reflecting a rebound by auto sales, the Commerce Department released a report on Thursday showing retail sales in the U.S. increased by much more than expected in the month of July.
The Commerce Department said retail sales jumped by 1.0 percent in July after edging down by a revised 0.2 percent in June.
Economists had expected retail sales to rise by 0.3 percent compared to the unchanged reading originally reported for the previous month.
"The July retail sales report shows that the consumers continue to spend at a solid clip, even if they are more budget-consciences and seeking more bargains, as the Walmart corporate earnings reveal," said Nationwide Chief Economist Kathy Bostjancic.
She added, "The resilient consumer spending data tip the scales towards a more cautious 25bps rate cut by the Fed in September."
The sharp increase in retail sales came as sales by motor vehicle and parts dealers surged by 3.6 percent in July after plunging by 3.4 percent in June.
Excluding the rebound in sales by motor vehicle and parts dealers, retail sales rose by 0.4 percent in July after climbing by 0.8 percent in June. Ex-auto sales were expected to inch up by 0.1 percent.
The bigger than expected increase by ex-auto sales partly reflected strength in sales by electronics and appliance stores, grocery stores and building materials and supplies dealers.
Meanwhile, the report said sales by miscellaneous store retailers tumbled by 2.5 percent in July after jumping by 1.7 percent in June.
The report said core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.3 percent in July after climbing by 0.9 percent in June.
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