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US retail sales jump 0.7% in July on online sales surge
WASHINGTON, Aug 16, 2019 (BSS/AFP) – American consumers spent far more
than expected in July, as retail sales jumped on strong online purchases,
according to government data released Thursday.
Retail sales rose 0.7 percent compared to June, to $523.5 billion, as
ecommerce produced the biggest gain: a 2.8 percent surge for non-store
retailers, the Commerce Department reported.
Gasoline and food services posted big gains as well, but auto sales
declined in the month, according to the data.
Total retail sales are up 3.4 percent compared to July 2018.
The report gave a reassuring picture of the US consumer, a bedrock that
has enabled the US economy to outperform other leading economies even as
American manufacturing has weakened.
Sectors with higher sales included clothing (+0.8 percent), electronics
and appliances (+0.9 percent) and furniture (+0.3 percent), while sporting
goods saw a 1.1 percent decline.
The report came on the heels of Dow’s worst session of the year when a
closely-watched bond market benchmark raised recession risks.
But the data shows the consumer “remains in very good shape,” said Ian
Shepherdson, chief economist at Pantheon Macroeconomics.
“Gains at this pace can’t be sustained…. but we see zero evidence that
the consumer is being dragged down by the troubles in manufacturing,” he
added.
BSS/AFP/HR/0945