US retail sales jump in July
by ChemOrbis Editorial Team - content@chemorbis.com
According to the preliminary data from the US Commerce Department, overall retail sales in the US were up on a yearly and monthly basis.
The data showed that the country’s retail sales witnessed an increase by 0.6% on a monthly basis from a revised fall of 0.3% in June. This has been the largest gain since last December, which also exceeded the economists’ expectation of a 0.3% rise.
The July increase was also speculated as a sign of a strong start for the growth outlook in the third quarter.
The monthly rise was mainly attributed to the rise of $1.2% in automotive sales.
On a yearly basis, the retail sales increased by 4.2% in July due to the increases in non-store sales by 1.3% coupled with in building materials and motor vehicles by 1.2%.
The data showed that the country’s retail sales witnessed an increase by 0.6% on a monthly basis from a revised fall of 0.3% in June. This has been the largest gain since last December, which also exceeded the economists’ expectation of a 0.3% rise.
The July increase was also speculated as a sign of a strong start for the growth outlook in the third quarter.
The monthly rise was mainly attributed to the rise of $1.2% in automotive sales.
On a yearly basis, the retail sales increased by 4.2% in July due to the increases in non-store sales by 1.3% coupled with in building materials and motor vehicles by 1.2%.
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