Breaking: US Retail Sales increase by 1.2% in July vs. 1.9% expected
|Retail Sales in the United States rose by 1.2% on a monthly basis in July to $536 billion, the data published by the US Census Bureau revealed on Friday.
This reading followed June's upsurge of 8.4% (revised from 7.5%) and fell short of the market expectation of 1.9%.
Additional takeaways
"Total sales for the May 2020 through July 2020 period were down 0.2% from the same period a year ago."
"The May 2020 to June 2020 percent change was revised from up 7.5% to up 8.4%."
"Retail trade sales were up 0.8% from June 2020 and 5.8% above last year."
"Nonstore retailers were up 24.7% from July 2019, while food and beverage stores were up 11.1% from last year."
Market reaction
The US Dollar Index edged slightly lower after this data and was last seen losing 0.12% on a daily basis at 93.13. Meanwhile, S&P 500 futures turned positive on the day, suggesting that this report is having a positive impact on market sentiment.
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US Retail Sales Quick Analysis: Last hurrah may risk critical stimulus, prove double-edged sword.
V-shaped recovery – that is what retail sales figures for July reflect for the US economy, and that was already seen in June. Overall expenditure increased by 1.2% last month, while below 1.9% expected, it was more than compensated by an upward revision to June's figures.
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