United States: Retail sales rise slightly in July
August 13, 2013
In July, retail sales rose 0.2% over the previous month in nominal terms. The reading was below the revised 0.6% rise recorded in June (previously reported: +0.4% month-on-month), although it was roughly in line with market expectations of a 0.3% increase. Nine out of the 13 categories that make up the retail index expanded over the previous month, with sporting goods and hobby stores, as well as clothing retailers showing the strongest gains.
Retail sales excluding cars and gas - a closely watched subcategory within the retail trade index - increased 0.4% over the previous month. The reading, which contrasted the flat growth recorded in June, was in line with market expectations.
Retail sales rose 5.4% compared to the same month last year. This figure was below the revised 5.9% increase recorded in June (previously reported: +5.7% year-on-year). However, the annual trend continues to points upwards, with annual average growth in retail sales rising from 4.6% in June to 4.7% in July.
FocusEconomics Consensus Forecast panellists expect private consumption to grow 2.1% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption increasing 2.6%.
Author: Carl Kelly, Economist