Retail Sales Flat for July

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Retail sales in the US unexpectedly stalled in July of 2022, disappointing markets that expected a 0.1% increase as sales fell at gasoline stations and car dealers. Sales at gasoline stations tumbled 1.8% as the gasoline price index dropped 7.7%. Declines were also seen for motor vehicle & parts dealers (-1.6%), clothing & clothing accessories stores (-0.6%) and at department stores (-0.5%).

On the other hand, sales at nonstore retailers jumped 2.7% boosted in large part by Amazon’s Prime Day event on July 12 and 13. Increases were also recorded for building material & garden eq. & supplies dealers (1.5%), miscellaneous store retailers (1.5%), electronics & appliance stores (0.4%), health & personal care stores (0.4%) and at grocery stores (0.2%) as food prices jumped 1.1%.

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