Economic Buzz: US Retail Sales Unchanged In July

18 Aug 2022 , 09:17 AM

With pullbacks in gasoline and auto sales offsetting strength in other areas, the Commerce Department released a report showing U.S. retail sales came in flat in the month of July. The Commerce Department said retail sales were virtually unchanged in July after climbing by a downwardly revised 0.8 percent in June. The report showed sales by motor vehicle and parts dealers tumbled by 1.6 percent in July after climbing by 0.5 percent in June. The sales growth was partly offset by a 1.8 percent slump in sales by gasoline stations amid the recent pullback in gas prices. Excluding gas station and auto sales, retail sales rose by 0.7 percent in July. Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, also advanced by 0.8 percent in July after climbing by 0.7 percent in June.Powered by Commodity Insights