July Retail Sales Rebound, Up 3.5 Percent Over 2016
Aug 17, 2017, 12:34
"This means that not only is the second quarter personal consumption expenditures probably going to be revised higher from an already strong 2.8%, but that the expectations for PCE during the third quarter are also going to be marked up going forward", he said.
Meanwhile, department stores had their best month since January, rising a full percentage point over June, perhaps easing some fears that brick-and-mortar outlets are facing collapse as consumers switch to internet shopping.
Overall retail sales increase 0.6% from June.
Americans spent more freely in July and upward revisions to sales in the prior two months show strong hiring, limited inflation and low borrowing costs are improving purchasing power.
"Soft or declining prices for retail goods continue to hold down the dollar amount of sales reported even though unit volume was up", Kleinhenz said.
Retail sales have been very underwhelming this year which has contributed to the view that the economy isn't ready for another rate hike this year. The revised numbers reflected newly incorporated sales data.
The print for June was originally pegged at a 0.1% dip on the month.
Excluding automobiles, gasoline, building materials and food services, retail sales surged 0.6 per cent last month after an upwardly revised 0.1 per cent gain in June.
"Admittedly, that was in part due to a 1.3% surge in non-store sales, presumably reflecting Amazon's Prime Day, which reportedly saw U.S. orders rise 50% from the same event a year ago".
The index of business activity rose to a three-year high of 25.2, a striking gain on July's 9.8 and well clear of the consensus estimate of 10. There were sales gains in other areas, including furniture stores, hardware stores and restaurants.
Excluding cars, retail sales still rose 0.5 per cent, while leaving out the volatile gasoline segment, sales were up 0.7 per cent.
Electronics and appliances stores decreased 0.5 percent seasonally adjusted from June and decreased 1.4 percent unadjusted year-over-year.
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