Consumers are expected to have spent just slightly more in July, but they may have boosted what they spent online in a big way thanks to Amazon's Prime Day and rival sales at other retailers
, so the year-over-year number could be large."If you add in our number, you're going to get a pretty strong acceleration of close to 10% year-over-year," he said. He noted sales were up 8.4% annually in June.
Gasoline prices were much higher than last year, but prices at the pump fell all during the month of July from the mid-June, according to AAA. In the consumer price index, the gasoline index fell 7.7% in July, offsetting gains in food and shelter. The drop in gasoline helped bring headline inflation down to an 8.5% annual pace in July, from 9.1% in June.
According to SpendingPulse, fuel and convenience spending rose 32.3% year-over-year in July, but the growth rate was lower than June's 42.1% increase."The biggest twist was e-commerce ... It was up 11.7%, and in June, it was up in low single digits," said Meyer. The category in the SpendingPulse data had not been up by double digits since the holiday shopping season in December.
"The inflation story is really important," said Meyer."The inflation tax the consumer is dealing with is starting to ease. That's going to be really interesting to see how that plays out."SpendingPulse data showed on year-over-year basis, airline spending rose 13.3%. Lodging was up 29.6%, and restaurant spending rose 9.5%.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
182K Migrants Apprehended Along Southwest U.S. Border in JulyBorder Patrol agents apprehended nearly 182,000 migrants in July who illegally crossed the border between ports of entry.
Weiterlesen »
Editors’ Picks July 2022 | Volvo XC60, 911 GT3 and a hot HyundaiEditors' Picks from the past month include a sports car, hot sedan and a luxury SUV.
Weiterlesen »
Illegal border crossings down slightly in July but remain highU.S. Customs and Border Patrol reports illegal border crossings were down in July, marking the second straight month of declines. Still, crossings remain high. U.S. authorities stopped migrants 199,976 times in July.
Weiterlesen »
US: Industrial Production rises by 0.6% in July vs. 0.3% expectedThe data published by the US Federal Reserve showed on Tuesday that Industrial Production rose by 0.6% on a monthly basis in July. This print came in
Weiterlesen »
U.S. FDA gets over 48,000 reports of faulty Philips respiratory devices in May-JulyThe U.S. Food and Drug Administration said it had received more than 48,000 reports of faulty Dutch medical equipment maker Philips' ventilators and respiratory devices between May and July, which included 44 deaths.
Weiterlesen »
U.S. industrial output up sharply in JulyIndustrial production rose 0.6% in July, helped by a strong gain in auto outputthe Federal Reserve reported Tuesday.
Weiterlesen »