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Economic Buzz: US Retail Sales Climb 0.7% In July
(16-Aug-2019, 09:34 Hours IST)
US Commerce Department released a report on Thursday showing retail sales increased by much more than expected in the month of July, partly reflecting the impact of online retail giant Amazon's (AMZN) Prime Day promotion. The report said retail sales climbed by 0.7 percent in July after rising by a revised 0.3 percent in June. The stronger than expected retail sales growth came despite a pullback in sales by motor vehicle and parts dealers, which slid by 0.6 percent in July after climbing by 0.3 percent in June. Excluding the drop in auto sales, retail sales surged up by 1.0 percent in July following a revised 0.3 percent increase in June. Ex-auto sales had been expected to climb by 0.4 percent, matching the growth originally reported for the previous month.

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