{"id":48757,"date":"2023-08-15T15:10:33","date_gmt":"2023-08-15T19:10:33","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/u-s-retail-sales-jumped-more-than-expected-in-july-news-from-todays-report\/"},"modified":"2023-08-15T15:10:35","modified_gmt":"2023-08-15T19:10:35","slug":"u-s-retail-sales-jumped-more-than-expected-in-july-news-from-todays-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48757","title":{"rendered":"U.S. Retail Sales Jumped More Than Expected in July. News From Today&#8217;s Report."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000719554\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>Retail sales increased at a faster clip than expected in July as consumers splurged on summer deals. <\/p>\n<p>Retail sales rose by 0.7% to $696.4 billion in July, ahead of economists\u2019 expectations for a 0.4% increase, according to data from the Census Bureau. It also marked an acceleration from June\u2019s 0.3% increase, which was revised from 0.2%.<\/p>\n<div class=\"paywall\">\n<p>Sales in the so-called retail sales control group, which excludes cars, gasoline, building materials and food services and feeds into the calculation of gross domestic product, surged 1% from June. While it was the strongest monthly gain since January, some elements of the report suggest consumers could soon begin to pull back.\u00a0  <\/p>\n<p>Markets fell following the hotter-than-expected report, largely because \u201cthis is a situation when good news really is bad news,\u201d said Quincy Krosby, chief global strategist for LPL Financial. While the Federal Reserve has been trying to rein in consumer demand by raising interest rates for more than a year, Tuesday\u2019s report, coupled with a modest increase in inflation in June,  suggests that there is still work to be done.<\/p>\n<p>\u201cThis robust increase won\u2019t comfort Fed officials and keeps the risk of tighter monetary policy very much on the table,\u201d wrote Oren Klachkin, lead U.S. economist at Oxford Economics. \u201cFed Chair Powell will likely strike a hawkish tone at the Jackson Hole Economic Symposium next week.\u201d<\/p>\n<p>The<br \/>\n        S&amp;P 500<br \/>\n       dropped 0.9%, the<br \/>\n        Dow Jones Industrial Average<br \/>\n       fell 0.9% and the<br \/>\n        Nasdaq Composite<br \/>\n       was off 0.8% in early trading.<\/p>\n<p>E-commerce was a bright spot in the sales report, said Ted Rossman, senior industry analyst at Bankrate. Sales at nonstore retailers, which encompass e-commerce vendors, were up 1.9% month over month, and 10.3% from a year ago. <\/p>\n<p>\u201cThis is a signal that Amazon Prime Day and competitors\u2019 promotions resonated with consumers,\u201d Rossman said.<\/p>\n<p>Apart from<br \/>\n        Amazon.com\u2019s<br \/>\n       (AMZN) Prime Day,<br \/>\n        Target<br \/>\n       (TGT),<br \/>\n        Walmart<br \/>\n       (WMT), and<br \/>\n        Macy\u2019s<br \/>\n       (M) all offered up deals throughout July. Over the course of July 11 and July 12, consumers spent more than $12 billion on e-commerce purchases, up 6.4% from a year earlier, according to data from Adobe Analytics. <\/p>\n<p>Consumers were also willing to spend on other discretionary items. Sporting goods and hobby sales rose 1.5%, food services sales gained 1.4%, and clothing sales increased 1%. Kayla Bruun, economic analyst at Morning Consult, pointed out that many of these categories could be tied to back-to-school expenses. <\/p>\n<p>Spending was likely bolstered by increased optimism about the economy among the public. Consumer sentiment rose to its highest level in nearly two years in July, thanks to continued declines in the rate of inflation and the fact that houshold balance sheets remain relatively healthy. <\/p>\n<p>There were signs, however, that consumers were more discerning about how to spend their money, especially when it comes to big-ticket purchases. Sales at furniture stores fell 1.8% in July, electronics store sales fell 1.3%, and sales at motor vehicle and parts dealers dropped 0.3%. <\/p>\n<p>On Tuesday,<br \/>\n        Home Depot<br \/>\n       (ticker: HD) kicked off earnings season for the biggest U.S. retailers with a cautious note on discretionary spending. \u201cWhile there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories,\u201d CEO Ted Decker said in a company statement.<\/p>\n<p>It is also possible that the summer spending surge will fade as the weather cools. Many economists and analysts are predicting a broader slowdown in consumer spending in the second half of the year as the 11 interest-rate increases the Fed has rolled out since March 2022 take full effect. Chris Senyek, chief investment strategist at Wolfe Research, noted before the report came out that the effects of higher rates are generally felt with a lag.<\/p>\n<p>Morning Consult\u2019s Bruun agrees, adding that Americans will face more challenges in the coming months. On the list are slower wage growth, rising interest rates on credit balances, and the resumption of student loan repayments, she said.<\/p>\n<p>Aside from weaker spending in big-ticket items, there are other indications that shoppers are pulling back. For one, the explosive appetite for summer deals that fueled July\u2019s spending surge suggests that people are still wary of paying full price for products, and are opting instead to hunt for bargains and compare prices. Restaurants\u2019 earnings reports have also suggested that people were dining out less. <\/p>\n<p>How willing and able to spend consumers remain will grow even clearer over the next few weeks as more retailers report earnings. <\/p>\n<p>Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/retail-sales-july-fed-1bc4104f?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail sales increased at a faster clip than expected in July as consumers splurged on summer deals. Retail sales rose by 0.7% to $696.4 billion in July, ahead of economists\u2019 expectations for a 0.4% increase, according to data from the Census Bureau. It also marked an acceleration from June\u2019s 0.3% increase, which was revised from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-48757","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Retail Sales Jumped More Than Expected in July. News From Today&#039;s Report. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Retail sales increased at a faster clip than expected in July as consumers splurged on summer deals. 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