U.S. retail sales increased less than expected in July as consumers cut back on purchases of motor vehicles, and could slow further in the months ahead amid spiraling new COVID-19 infections and a reduction in unemployment benefit checks.
Despite the moderation in retail sales reported by the Commerce Department on Friday, sales have recouped losses suffered when businesses were shuttered to slow the spread of the coronavirus. The third straight monthly gain lifted retail sales to their highest level since the government started tracking the series in 1992. It supported the view that consumer spending would rebound this quarter after a record collapse in the second quarter.
Retail sales rose 1.2% last month after advancing 8.4% in June. Economists polled by Reuters had forecast sales would rise 1.9% in July. Sales increased 2.7% from a year ago in July. A top White House advisor said this week that Trump’s plan would provide an extra $300 per week. Republicans and Democrats are bickering over new aid for the economy even as signs mount that activity is stalling as coronavirus infections continue to spread across the United States.FILE PHOTO: People visit the Destiny USA mall during the reopening, as the coronavirus disease restrictions are eased, in Syracuse, New York, U.S., July 10, 2020.
Excluding automobiles, gasoline, building materials and food services, retail sales increased 1.4% in July after soaring 6.0% in June. These so-called core retail sales correspond most closely with the consumer spending component of the gross domestic product report.
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