United States: Retail sales are unchanged in July
August 17, 2022
Retail sales were flat month-on-month in seasonally-adjusted terms in July (June: +0.8% mom). July's figure marked the worst reading since December 2021. July's deterioration was largely driven by contractions in motor vehicle and parts dealers, general merchandise stores and gasoline station sales. In contrast, sales at non-store retailers accelerated.
On an annual basis, retail sales rose at a faster rate of 10.3% in July (June: +8.5% yoy). Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 12.7% in July, down from June's 13.2%.