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Uptick in July Retail Sales as Inflation Slows Down August 23, 2023 (0 comments)
New York, NY--U.S. retail sales surged by 0.7% in July compared to June, outperforming expectations. This positive momentum comes as inflationary pressures on items like eggs and electronics begin to relax. A consistent job market further contributes to this trend.
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According to a Daily Independent report, the Commerce Department disclosed these numbers on Tuesday, noting the increase followed a 0.3% boost in June. When excluding sales from automobiles and gasoline, the rise was an impressive 1%. Department stores saw a 0.9% uplift, while clothing and accessory shops experienced a 1% hike. Additionally, restaurant sales jumped by 1.4%, and online sales witnessed a 1.9% ascent.
However, certain sectors, such as furniture and home furnishing outlets alongside electronics stores, experienced downturns.
The report noted that while the economy showcases adaptability in the face of hurdles like heightened prices and steeper interest rates impacting borrowing, this year has observed erratic consumer spending patterns. Following a nearly 3% leap in January, sales dipped in February and March, only to bounce back in the subsequent months.
The present scenario sees inflation decelerating, yet it has yet to reach the target rate set by the Federal Reserve.
Learn more in the entire Daily Independent report.