nsucurrent.com February 20, 2018

United States retail sales surge in July

17 August 2017, 12:37 | Ruby West

US July retail sales volumes jump past forecasts

US retail sales soar in July to 7-month high

Excluding autos and gasoline, retail sales still rose a healthy 0.5% in July after an upwardly revised 0.1% gain in June. The numbers exclude automobiles, gasoline stations and restaurants.

Consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 2.8% annualized rate in the second quarter.

Department stores, a sub-category of general merchandise stores, and sporting goods, hobby, books and music stores repeated as the only two categories in negative territory. Kleinhenz noted that rising home values are encouraging home-improvement spending and home-related retail purchases.

"The inherent volatility in the monthly retail sales reports notwithstanding, consumers will remain the key driver of growth in the USA economy", Richard Moody, chief economist of Regions Financial, told MarketWatch.

The dollar rose against the yen on Tuesday, pulling away from a recent four-month low, as concerns over tensions between the United States and North Korea eased for now, supporting risk appetite.

Amazon also played a role as its annual Prime Day promotion last month contributed to a 1.3% jump in sales at online retailers.

The dollar rose 0.6 percent to 110.26 yen, pulling away from a low of 108.72 yen set on Friday, its lowest level since April 19.

Economists polled by Reuters expect the Selic rate to end the year at 8 percent from the current 9.25 percent.

Furniture and home furnishings stores increased 0.4 percent seasonally adjusted over June and increased 4.3 percent unadjusted year-over-year. That followed a 1.1 per cent increase in June.

It has suggested that the economy has continued to increase momentum early in the third quarter.

Retail sales in July, according to data from the US Census Bureau, were boosted by output from non-store retailers and by sales of building materials and garden supplies.

The saving rate has dropped to 3.8 per cent in the second quarter of this year from a rate of 6.2 per cent in the second quarter of 2015.

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