Key Points:
- U.S. consumers shifted savings from falling gasoline prices to purchases of everyday goods as they weathered high inflation and a slowing economy in July.
- Retail sales, a measure of purchases at stores, restaurants and online, was unchanged in July from June as inflation remained near its highest level in more than 40 years.
- Consensus among economists was a 0.1% increase.
- July’s 0% gain comes after June was revised down from 1.0% to 0.8%.
- Excluding autos, retail sales rose by 0.4% over the month.
- Excluding autos and gasoline, retail sales rose 0.7% over the month.
- Retail sales are up 10.3% from a year prior while consumer prices advanced 8.5% from a year earlier.
- The Right Facts will continue to monitor retail sales.