US retail trade sales up 1.1% MoM, 2.6% YoY in Jul 2024: Census Bureau

That compared with a decrease of 0.2 per cent MoM and an increase of 2 per cent YoY in June.

Sales at non-store retailers were up by 6.7 per cent YoY in July.

The latest retail sales data shows consumers continued to increase their spending in July even as economic growth is moderating, National Retail Federation (NRF) chief economist Jack Kleinhenz said in a release.

“July’s retail sale figures mirror the strength in the economy, which continues to expand even though there are pressures on growth,” Kleinhenz said.

“The mid-summer boost from back-to-school and college spending along with special deal days offered by retailers clearly helped. Households are proceeding with measured spending and getting the benefit of falling retail prices despite still-elevated prices for services. Even with growth of the labor force cooling, consumer spending remains the backbone of the economy and is keeping the expansion on a positive path,” he added.

The CNBC/NRF Retail Monitor recently reported that core retail sales were up 0.95 per cent seasonally adjusted MoM in July and up by 1.69 per cent YoY. That compared with increases of 0.3 per cent MoM and 3.07 per cent YoY in June.

Fibre2Fashion News Desk (DS)