Market Updates
Price Unadjusted Retail and Food Services Sales Rose 0.7%, Gasoline Station Sales Dropped
Brian Turner
15 Aug, 2023
New York City
U.S. retail and food services sales rose 0.7% in July, marking the fourth monthly sales increase in a row.
Seasonally adjusted but not adjusted for price inflation, retail sales rose 3.2% from a year earlier, the U.S. Census Bureau reported Tuesday.
The rise in sales showed resilient consumer spending despite rate hikes and price increases.
Online retail sales increased 1.9%, sporting goods and related stores jumped 1.5% and food services and beverages stores advanced 1.4%.
On the downside, furniture sales decreased 1.8% from the previous month and appliances and electronics stores sales fell 1.3% but sales at gas stations rose only 0.4% from the previous month but plunged 20.8% from a year ago, despite a jump in gasoline prices.
According to the preliminary estimates, total sales at retail stores, online stores and restaurants and bars rose 0.7% from the previous month and increased 3.2% from a year earlier to $696.4 billion.
From a year ago, nonretail stores which are dominated by online retail stores jumped 10.3% and food services and drinking places jumped 11.9% but department store sales declined 2.3% and building materials and garden equipment stores fell 1.5%.
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