In the past year, retail sales have risen 2.4%.
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The May 2015 to June 2015 percent change was revised from -0.3 percent (±0.5%)* to virtually unchanged (±0.2%)*.
“Janet Yellen and her Fed colleagues will be pouring over everything ahead of their meeting in September and she will be encouraged that retail sales have bounced back slightly from a disappointing performance in June”, he said.
A report from the Labor Department showed applications for unemployment benefits last week hovered close to a four-decade low, a sign firings remain muted as the job market firms.
Sales had been expected to climb by 0.6% compared to the 0.3% drop originally reported for the previous month. The decrease was led by a slump in fuel prices.
Economists estimate that retail sales gained 0.6% month-on-month, and 0.4% excluding the volatile auto and gas categories. The revised reading for June also reversed a previously estimated 0.1 percent drop, painting a healthier picture for consumer spending.
Adding to the sense of strength were upward revisions to May and June.
All sectors showed increases except electronics and general merchandise and department stores. The prior month’s softness had been unexpected, making the rebound in July more welcome.
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Retail sales rose 0.4% excluding autos. Economists had forecast core retail sales rising 0.5 percent in July. Most of the growth in retail spending has occurred at auto dealers, furniture stores and restaurants, barely offsetting the downward pressure on spending caused by lower fuel costs. The company said the promotion helped to drive orders surpassing Black Friday, an annual U.S. sales event following the Thanksgiving Day holiday that kicks off the year-end shopping season.
