US retail sales almost unchanged in July
US retail sales and food services remained almost unchanged in July 2022, increasing to USD 682.8bn, seasonally adjusted, from 682.5bn in June. This is the lowest monthly increase since December 2021. Unadjusted, retail sales increased by 8.6% y/y.
Total retail sales excluding motor vehicles and parts were up 0.4% m/m in July, but motor vehicles and parts declined by 1.6% m/m and retail sales in general merchandise stores dropped by 0.7% m/m. According to the latest released data, nonstore retailers registered the largest increase in sales, by 2.7% m/m, followed by miscellaneous stores (1.5%) and stores specializing in building materials, garden equipment and supplies (1.5%). Gasoline stations registered the largest decline in sales, by 1.8% m/m, as a result of falling gasoline prices.
More about US retail sales here
Further data and analysis on the US economy are available on the CEIC US Economy in a Snapshot – Q3 2022 Report.