Overall, the Commerce Department said sales rose 0.8 percent
seasonally adjusted
from June, breaking three consecutive months of declining sales that
included a 0.7 percent drop in June. Economists had been expecting a
more modest 0.3 percent
increase.
Year-over-year, sales climbed 1.2 percent.
Year-over-year, sales climbed 1.2 percent.
Census estimated that July sales of the category - adjusted for
seasonal variation and holiday and trading-day differences, but not for
price changes - reached $7.60 billion in July, up 10.6 percent from
$6.87 billion in July 2011. Year-to-date sales through the end of July -
on a non-adjusted basis - were estimated at $47.8 billion, up 7.5
percent from a year earlier.
That compared to an increase of 0.8 percent (±0.5%) in retail rade
sales, which excludes motor vehicles and food service establishments,
for July over June on an adjusted basis. Those sales were $359.9
billion, up 3.7 percent (±0.7%) from July 2011. Sales by nonstore
retailers, which includes e-commerce sites, were up 11.8 percent (±3.1%)
from July 2011.“Halfway through the back-to-school season retailers are seeing positive signs that consumers are spending,” National Retail Federation President and CEO Matthew Shay said. “However, sustained retail growth hinges on Congress’ and the administration’s ability to make smart decisions about the economy and Americans’ confidence in our long-term recovery.”
“Despite high unemployment, and political and fiscal uncertainty, consumers are spending again, albeit cautiously,” NRF Chief Economist Jack Kleinhenz said. “Retail sales continue to remain resilient in the face of bleak international news, with retailers on track with sustained sales growth year-over-year and year to date. Retail sales will continue to see modest growth in the fall and winter.”
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