U.S. retail sales remained stable in July compared to June as falling gas prices impacted gas station sales and more consumers shopped online, the latest data from the U.S. Census Bureau shows.
Overall retail sales in July reached $682.8 billion, slightly higher than the $682.6 billion recorded in the month before. When compared to last year, sales were up 10.3%.
“Retail sales grew in July, supported by declines in prices at the gas pump and moderately lower inflation,” NRF president and CEO Matthew Shay said in a statement. “Consumers are adapting to higher prices by prioritizing essentials like food and back-to-school items, and retailers are working hard to absorb the impact of higher costs and help customers stretch their hard-earned dollars.”
July sales were up in all but three retail categories on a yearly basis, with online sales, building materials, and grocery driving growth. Here is the breakdown:
- Online and other non-store sales increased by 2.7% month over month seasonally adjusted and were up 18.1% unadjusted year over year.
- Building materials and garden supply stores improved by 1.5% month over month seasonally adjusted and were up 6.2% unadjusted year over year.
- Grocery and beverage store sales increased by 0.2% month over month seasonally adjusted and up 7.7% unadjusted year over year.
