May 23, 2018

United States retail saleshit seven-month high in July

17 August 2017, 12:36 | Lorenzo Hawkins

Sales of electronics and clothing continued to lag behind but car sales boosted the July figures

Sales of electronics and clothing continued to lag behind but car sales boosted the July figures

A rebound in retail sales in the United States in July has triggered further gains in the USA dollar on Tuesday, sending the greenback to its highest level in nearly three weeks.

Nunes said the June 12Valentine's Day celebrations also stoked retail sales. Economists say wage growth has to pick up to sustain consumer spending.

The July numbers come as retail continues a long-term pattern of increased sales.

Retail trade sales were up 0.6% from June 2017, and up 4.3% from a year ago. May's retail sales were revised to show no change instead of the previously reported 0.1 per cent dip.

Estimated furniture and home furnishings store sales totaled $9.68 billion in July, up from a revised $9.16 billion in July a year ago, the U.S. Department of Commerce reported today.

Building materials and supplies stores increased 1.2 percent over June and increased 8.5 percent unadjusted year-over-year.

In response, the dollar hit a near three-week high against a basket of major currencies.

Consumer spending is by far the largest source of US economic activity. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation's economy. "Savings can't drop indefinitely and future consumption growth will need to rely on stronger income growth".

Excluding sales of autos and parts, sales rose by 0.5% on the month to hit $378.8bn (consensus: 0.4%).

Prices for new motor vehicles recorded their biggest drop in almost eight years in July and have decreased for six straight months. Commerce Department figures aren't adjusted for prices, so cheaper fuel costs depress results.

The US dollar got a boost on Tuesday after data showed retail sales in the US held up well in July, while a measure of business activity among NY state's manufacturers rose at its fastest pace in three years.

Health and personal care stores increased 0.4 percent over June and increased 1.6 percent unadjusted year-over-year. Americans increased spending last month on most goods except for clothes and gasoline. Sales at clothing stores fell 0.2 per cent after rising 0.7 per cent in June.

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