Key Points:
- Retail sales, a measure of purchases at stores, restaurants and online, rose 1.0% in July, above consensus of a 0.3% increase.
- June was revised down from 0.0% to -0.2%.
- Excluding autos, retail sales rose by 0.4% over the month.
- Retail sales were 2.7% above July 2023 but CPI data released earlier this month showed prices have increased 2.9% 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 2024 through July 2024 period were up 2.4% from the same period a year ago.
- The Right Facts will continue to monitor retail sales.