US retail sales rise 1% in July, much higher than estimates

Figure up 2.7% annually, according to Commerce Department

By Ovunc Kutlu

ISTANBUL (AA) - US retail sales in July increased 1% to $709.7 billion, rising much more than estimates, according to advance figures released Thursday by the US Commerce Department.

The estimate was for the figure to show a gain of 0.4%.

The June figure, on the other hand, was revised to show a decline of 0.2% to $702.9 billion, with no change.

Retail sales were up 2.7% in July, compared to the same month last year.

"Total sales for the May 2024 through July 2024 period were up 2.4 percent from the same period a year ago," the agency said in a statement.

Retail trade sales, meanwhile, were up 1.1% in July from the previous month and were up 2.6% compared to the same month last year.

The gains indicate that consumer demand remains high in the world's largest economy.

Kaynak:

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