• U.S. retail sales rise less than forecast in July

Market news

14 August 2020

U.S. retail sales rise less than forecast in July

The Commerce Department announced on Friday the sales at U.S. retailers rose 1.2 percent m-o-m in July, following a revised 8.4 percent m-o-m gain in June (originally a 7.5 percent m-o-m surge).

Economists had expected total sales would jump 1.9 percent m-o-m in July.

According to the report, sales at electronics and appliance stores surged in July, while those at motor vehicle and parts dealers declined.

Excluding auto, retail sales increased 1.9 percent m-o-m in July after a revised 8.3 percent m-o-m climb in the previous month (originally a 7.3 percent m-o-m surge), better than economists’ forecast of a 1.3 percent m-o-m increase.

In y-o-y terms, the U.S. retail sales jumped 2.7 percent in July after a revised 2.1 advance in the previous month (originally a 1.1 percent raise). This was the biggest increase since February.

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