Washington, D.C. (PPD) — The U.S. Census Bureau reported advance retail sales came in at $536.0 billion in July, a 1.2% (± 0.5%) gain slightly missing the consensus forecast. That’s 2.7% (± 0.7%) above July 2019 and total sales for the May 2020 through July 2020 period are down just 0.2% (± 0.5%) from the same period a year ago.
Forecasts ranged from a low of 0.7% to a high of 4.0%. The consensus forecast was 2.0%. The percentage change for June was revised higher from up 7.5% (± 0.5%) to up 8.4% (± 0.2%).
Retail sales were initially reported to have soared a record 17.7% (± 0.5%) in May, recovering more than the loss in April, which was revised from down 16.4% (± 0.5%) to down 14.7% (± 0.2%). That’s the largest monthly gain ever on record and far better than economists expected.
Forecasts for retail sales less auto and gas ranged from a low of 0.5% to a high of 1.5%. The consensus forecast was 0.9%. The advance estimate for May also came in at 1.5%, higher than expected.
Forecasts for retail sales less auto ranged from a low of 0.5% to a high of 2.9%. The consensus forecast was 1.5%. The advance estimate for July came in higher at 1.9%.
