WASHINGTON – July retail sales in the United States rose by more than forecast, highlighting consumers’ resilience despite high interest rates and still-high inflation.
Commerce Department data show the value of retail purchases increased 0.7% last month. The improvement exceeded economists’ expectations for an 0.4% gain. The figures are adjusted for seasonality but not for inflation.
Retailers rang up more than $696 million in sales last month, as consumer spending outpaced the rate of inflation.
July was the fourth consecutive month of higher retail sales. On an annual basis, U.S. retail sales were up 3.2% from July 2022.
Spending at online retailers rose 1% in July. Spending at sporting goods and related stores increased 1.5% and food service and drinking places rose 1.4%. Gas station sales rose 0.4% despite rising prices at the pump.
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