Spending at US retailers rose in July at a much faster pace than in the prior month, a combination of both strong demand among American consumers and higher prices because of elevated inflation. It was also the fourth straight month that retail sales increased.
Retail sales, which are adjusted for seasonality but not inflation, rose 0.7% in July from the prior month, the Commerce Department reported Tuesday. That was a faster pace than the previous month’s upwardly revised 0.3% gain and above economists’ expectations of a 0.4% rise, according to Refinitiv.
Spending rose on nondurable items, such as clothing and sporting goods. Sales at restaurants and bars rose a robust 1.4% in July from June.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
