Key Points:
- Retail sales, a measure of purchases at stores, restaurants and online, rose 0.7% in July from June.
- Consensus among economists was a 0.4% increase.
- The May to June percent change was revised up to 0.3% from 0.2%.
- Excluding autos, retail sales rose by 1.0% over the month.
- Retail sales were 3.2% above July 2022, matching CPI data released earlier this month showing prices have increased 3.2% in the last year.
- Retail sales are not adjusted for inflation and reflect price differences as well as purchase amounts.
- Total sales for the May 2023 through July 2023 period were up 2.3% from the same period a year ago.
- The Right Facts will continue to monitor retail sales.