United States retail saleshit seven-month high in July

US retail sales soar in July to 7-month high
USD Extends Gains on Retail Sales Data

16 August, 2017

Sales at US retailers surged in July to the highest level of 2017, aided by strong demand for new autos and Amazon's Prime Day shopping specials.

Excluding sales of autos and parts, sales rose by 0.5% on the month to hit $378.8bn (consensus: 0.4%).

Furniture and home furnishings stores outperformed the broader retail sector with a 5.6% jump in sales over the same month a year ago, according to the latest government report.

June sales grew 3 percent from the year-earlier month, beating expectations of a 1.9 percent increase. The acceleration bodes well for consumption, which accounts for about 70 percent of the economy.

Retail sales actually rose 0.3% in June instead of falling 0.2% and sales in May were flat.

Chicago to file lawsuit over sanctuary cities threat
Chicago argues the new conditions placed on the grant program "effectively federalize local detention facilities and violate the Fourth Amendment".

Betty Cuthbert dies, aged 79
Tennis player Margaret Court paid tribute to Cuthbert, saying Australia had lost a sporting legend. "She was just a great person". By her mid-fifties, she was confined to a wheelchair and said that said she felt as though a "dark cloud" had crossed her path.

Trump and Cotton to reveal bill restricting legal immigration today
The potentially controversial legislation would dramatically tilt American immigration law towards a more merit-based system. Limiting legal immigration is opposed by business groups, which rely on low-skilled workers for agriculture and other jobs.

"Admittedly, that was in part due to a 1.3% surge in non-store sales, presumably reflecting Amazon's Prime Day, which reportedly saw United States orders rise 50% from the same event a year ago".

Sales strengthened in other categories as well. In the first half of 2017, retail sales in Brazil decreased 0.1% on year. Americans increased spending last month on most goods except for clothes and gasoline. Commerce Department figures aren't adjusted for prices, so cheaper fuel costs depress results. And, the retail sales were increased by 4.2% in July on a year-on-year basis.

Building materials and supplies stores increased 1.2 percent over June and increased 8.5 percent unadjusted year-over-year.

Health and personal care stores increased 0.4 percent over June and increased 1.6 percent unadjusted year-over-year.

More news