Retail sales rebound, rise 0.6% in July

August 14 01:08 2015

Retail sales rose 0.6% in July as consumers began spending more on new vehicles and dining out. The Commerce Department also revised June’s surprising 0.3% decline in retail sales to an unchanged reading. May sales were revised up from a 1% gain to a 1.2% gain.1405383366000-AP-Retail-Sales

The June uptick matches economists’ forecast of a 0.6% rise in retail sales, according to a survey by FactSet, and surpasses a 0.5% forecast by economists surveyed by Reuters. The retail report “was solid rather than spectacular. But upward revisions to sales in May and June mean that real consumption growth started the third quarter on a stronger footing than we previously believed,” said Capital Economics economist Paul Ashworth.

Retail sales rose 0.4% excluding autos in July. Car sales rose 1.4%. Home and furniture store sales rose 0.8%, while sales at building supply and gardening retailers rose 0.7%. Restaurants saw sales rise 0.7% over June and 9% from a year ago. Sales at stores that sell sporting goods, hobby materials, books and music rose 0.9%. Clothing stores sales rose 0.4%. Meanwhile, electronics and appliance sales fell 1.2%