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IPFS News Link • Business/ Commerce

No Growth in Retail Spending, Missing Expectations, Negative Revisions

•, By Mish

The Census Bureau reports Retail Sales Were Unchanged in July.

Advance estimates of U.S. retail and food services sales for July 2022, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $682.8 billion, virtually unchanged from the previous month, but 10.3 percent above July 2021. 

Total sales for the May 2022 through July 2022 period were up 9.2 percent from the same period a year ago. 

The May 2022 to June 2022 percent change was revised from up 1.0 percent to up 0.8 percent. Retail trade sales were virtually unchanged from June 2022, but up 10.1 percent above last year.

Gasoline stations were up 39.9 percent from July 2021

Nonstore retailers were up 20.2 percent from last year.  

The details sound much stronger than they are. Taking into inflation. retail sales have been declining since March of 2021.  

Motor Vehicles Key Weak Point

Motor vehicles and parts sales declined 1.6 percent in July. Excluding motor vehicles, sales rose 0.4 percent. Excluding motor vehicles and gas, sales rose 0.7 percent.

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