Wednesday, August 13, 2014

Retail Sales Growth Was Flat in July

In July, retail sales growth was stagnant. Excluding automobile and gasoline sales, retails sales increased a modest 0.1%. Year-over-year growth was 3.7%, down 0.6% from the previous month. July is the third consecutive month of decline for the year-over-year growth figure.

Despite the overall stagnant growth, some categories of retail sales showed improvement. Clothing and accessories had the strongest monthly growth at 0.4%. Food and beverages followed at 0.3%. The largest monthly drop occurred for general merchandisers. The drop more than offset the gain from the month prior.

Despite weaker growth in July, future outlook is strong. The steady improvements in the labor market should drive spending higher.

Read the Census report.

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