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Retail Sales Increased 0.7% in July


On a monthly basis, retail sales were up 0.7% from June to July (seasonally adjusted), and sales were up 3.2 percent from June 2022.

From the Census Bureau report:

Advance estimates of U.S. retail and food services sales for July 2023, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $696.4 billion, up 0.7 percent from the previous month, and up 3.2 percent above July 2022. … The May 2023 to June 2023 percent change was revised from up 0.2 percent to up 0.3 percent.
emphasis added
Click on graph for larger image.

This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).

Retail sales ex-gasoline were up 0.8% in July.

The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993.

Retail and Food service sales, ex-gasoline, increased by 5.6% on a YoY basis.

The increase in sales in July was well above expectations, and sales in May and June were revised up.

Tuesday: Retail Sales, NY Fed Mfg, Homebuilder Survey

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