The retail sales in the United States have exceeded expectations as they experienced a significant surge in July.

 In July 2023, retail sales in the United States grew by 0.7%, surpassing the predicted growth of 0.4%. This highlights a positive market sentiment and suggests strong consumer spending.

Highlights

• In July, retail sales increased by 0.7%, reaching a total of $696.4 billion.
• Nonstore retailers experienced significant growth, with a massive year-on-year increase of 10.3%.
• Core Retail Sales surpassed predictions, showing a growth rate of 1.0%.

In July 2023, retail and food services sales in the United States experienced a significant boost. The data shows a 0.7% increase from the previous month, reaching a notable total of $696.4 billion, surpassing the expected 0.4% rise.

Compared to July of the previous year, this represents a 3.2% growth. Furthermore, when examining the three-month period from May to July 2023, sales surged by 2.3% compared to the same period in 2022.

Core Retail Sales also performed well, rising by 1.0% compared to a forecast of 0.4% and a previous reading of 0.2%.

Analyzing different segments, retail trade sales increased by 0.6% from June 2023 and were 2.0% higher than the previous year. Nonstore retailers witnessed a remarkable 10.3% year-on-year growth, contributing significantly to this overall surge. Food services and drinking establishments also saw a substantial 11.9% jump compared to July 2022.

Considering the consistent growth in retail and food services sales, the market sentiment leans towards a bullish outlook in the short term. These positive numbers reflect a strong consumer spending pattern and indicate a thriving economic landscape.