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Sunday, September 27, 2020
HomeNewsEconomyAdvance Retail Sales Gain 1.2% in July, Revised Higher for June and May

Advance Retail Sales Gain 1.2% in July, Revised Higher for June and May

Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)
Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)
Group of friends sitting outdoors with shopping bags; several people holding smartphones and tablets. (Photo: AdobeStock/ OneInchPunch/PPD)

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%.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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