July Retail Sales Flat from June but Up 10.3% YOY
Washington, DC, August 17, 2022-Advance estimates of U.S. retail and food services sales for July 2022 were $682.8 billion, virtually unchanged from the previous month but 10.3% above July 2021, according to the U.S. Census Bureau.
Total sales for the May 2022 through July 2022 period were up 9.2% from the same period a year ago. The May 2022 to June 2022 percent change was revised from up 1.0% to up 0.8%.
Retail trade sales were virtually unchanged from June 2022 but up 10.1% above last year. Gasoline stations were up 39.9% from July 2021, while nonstore retailers were up 20.2% from last year.
“U.S. consumers continued opening their wallets last month, shifting savings from falling gasoline prices to purchases of everyday goods as they weathered high inflation and a slowing economy,” according to the Wall Street Journal.
“Overall retail sales-a measure of spending at stores, online and in restaurants-were flat in July compared with the prior month’s revised 0.8% increase, the Commerce Department said Wednesday. But a measure of spending that strips out gasoline and auto sales rose 0.7% last month from June, showing shoppers maintained the ability to spend with much of the spending moving online.
“‘We’ve had nine weeks of gas prices falling; the evidence from this is that people saw the drop in gas prices and said, ‘This is good news, let’s go shopping,’’ said Ian Shepherdson, chief economist at Pantheon Macroeconomics. He added that consumer spending appears to have gotten off to a ‘pretty strong start’ in the third quarter.”
Related Topics:U.S. Census Bureau