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Retail Sales “Unchanged” in July

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On a monthly basis, retail sales were unchanged from June to July (seasonally adjusted), and sales were up 10.3 percent from July 2021.

From the Census Bureau report:
Advance estimates of U.S. retail and food services sales for July 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $682.8 billion, virtually unchanged from the previous month, but 10.3 percent above July 2021. … The May 2022 to June 2022 percent change was revised from up 1.0 percent to up 0.8 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 0.2% 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 7.1% on a YoY basis.

Sales in July were slightly below expectations, and sales in May and June were revised down, combined.

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