Autos and parts drive surge in US July retail sales

(Sharecast News) - Retail sales jumped last month, driven by a surge in auto purchases. According to the Department of Commerce, in seasonally adjusted terms, retail sales volumes shot 1.0% higher month-on-month to reach $709.7bn.

That followed a revised 0.2% decline in June (Preliminary: 0.0%), but was more than twice the 0.3% gain projected by economists.

Excluding motor vehicles and parts, sales of which soared by 3.6% in comparison to June, retail sales were up by a more modest 0.4%.

Sales of electronics and at appliance stores were also very strong, growing by 1.6%, while those of building materials, and at food and beverage stores, rose by 0.9% each.

Sales at non-store retailers on the other hand edged up by only 0.2%.

In year-on-year terms, total retail sales were up by 2.7%.

-- More to follow --