Money

USA retail saleshit seven-month high in July

USA retail saleshit seven-month high in July”

"This means that not only is the second quarter personal consumption expenditures probably going to be revised higher from an already strong 2.8%, but that the expectations for PCE during the third quarter are also going to be marked up going forward", he said.

Consumer spending, which accounts for more than two-thirds of USA economic activity, increased at a 2.8 per cent annualised rate in the second quarter.

Sales in May and June were also revised higher, signalling that months of sluggish consumer spending may have come to an end, a report by the commerce department showed.

Overall retail sales increase 0.6% from June.

Helping to push the June level higher was a 1.2% increase in auto sales from the month before, its biggest increase since December.

The strong auto sales came despite industry reports which showed vehicle and truck sales fell six per cent from July 2016.

Retail sales have climbed 4.2% in the past 12 months, close to the five-year average.

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The dollar rose 0.6 percent to 110.26 yen, pulling away from a low of 108.72 yen set on Friday, its lowest level since April 19.

Excluding automobiles, gasoline, building materials and food services, retail sales surged 0.6 per cent last month after an upwardly revised 0.1 per cent gain in June.

The dollar index, a measure of the greenback against a basket of six other currencies, rose 0.7% to a three-week high of 94.03.

The saving rate has dropped to 3.8 per cent in the second quarter of this year from a rate of 6.2 per cent in the second quarter of 2015.

Excluding sales of autos and parts, sales rose by 0.5% on the month to hit $378.8bn (consensus: 0.4%).

Amazon's Prime Day helped boost USA retail sales in July.

Still, July was even better for the non-store retailers like Amazon and Jet that have soared in recent years, and increased 1.3 per cent compared to June, also their strongest gain since December. The general trend of retail sales still remains worrying, despite the improvement over the last couple of months and 2% inflation still looks a pipe dream.



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