Retail sales up 0.2% in July
Aug. 14, 2013 – Retail sales grew modestly during the month of July – they were up 0.2 percent from June’s 0.6 percent increase – and are expected to remain somewhat volatile through year-end, NAFCU Senior Economist Curt Long said Tuesday.
The Census Bureau reported core retail sales, which exclude light vehicles and gasoline, were up 0.4 percent in July following flat results in June.
Long, in a Macro Data Flash, said slow automotive sales were a drag on July retail sales, but he said employment gains and rising household wealth have helped keep up consumer spending despite expiring tax cuts and constrained government spending.
“Retail sales growth has been volatile through much of the year and may remain so in the near term,” Long said.
Year over year, sales were up 5.4 percent in July, down from a revised 5.9 percent in June. Core retail sales grew 3.9 percent year over year.
Macro Data Flash reports