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July’s US retail sales exceed expectations, indicating resilient economic expansion

July’s US retail sales exceed expectations, indicating resilient economic expansion

Posted on August 18, 2023   |  

U.S. retail sales exceeded projections in July, propelled by surges in online purchases and dining out.

The Commerce Department report highlights consumer resilience, with robust demand seen in hobbies, sporting goods, and clothing.

Goldman Sachs economists boost Q3 GDP estimate by 0.7%, attributing it to strong sales despite Fed's rate hikes against inflation.

Online sales spiked by 1.9% following Amazon's record-breaking Prime Day, while early back-to-school shopping and increased dining out contribute to growth.

Although auto dealership sales decline, the recession worries are dispelled, reinforcing consumer strength and impacting Wall Street sentiment.

Receding inflation contributes to increased consumer purchasing power, and households are leveraging debt for spending.

Core retail sales, excluding specific categories, experienced a robust 1.0% surge in July, indicating a strong start for consumer spending in the July-September quarter; concerns loom over potential year-end slowdown due to factors like reduced job growth and student loan repayments.



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