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U.S. Retail Sales Rise 0.7 Pct in July

U.S. retail sales beat expectations in July, rising 0.7 percent from the previous month, according to data released by the U.S. Commerce Department on Tuesday.

Advance estimates of U.S. retail and food services sales for July, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were 696.4 billion U.S. dollars, up 3.2 percent year over year.

The figures were pushed up from June by a 1.9 percent increase in purchases at online retailers, as well as a 1.5 percent rise in sporting goods. July also saw a 1.4 percent rise in food services and places where people drink.

But at the same time, sales in appliance and electronics stores dropped 1.3 percent. Furniture sales slipped 1.8 percent.

Retail trade sales were up 0.6 percent from June, and up 2.0 percent year over year. Nonstore retailers were up 10.3 percent year over year, while food services and drinking places were up 11.9 percent from July 2022.

The advance report saw the seasonally adjusted numbers climb higher than predictions of a 0.4 percent increase, according to Refinitiv.