Retail Sales July 2024:

Consumer spending remained better than expected in July as inflationary pressures showed signs of easing, the Commerce Department reported Thursday.

Retail sales rose 1% in the month, according to seasonally adjusted but not inflation-adjusted data. Economists surveyed by Dow Jones had expected a 0.3% gain. June sales were revised down 0.2% after initially being reported as flat.

Excluding auto-related items, sales rose 0.4%, also better than the 0.1% forecast.

There was also good news on the labor market front: Initial jobless claims for the week ending August 10 were 227,000, down 7,000 from the previous week and below estimates of 235,000.

The sales increase was driven by increases at motor vehicle and parts dealers, electronics and home appliance stores and food and beverage stores. Other retailers saw a 2.5% decline, while gas stations saw receipts rise just 0.1% and clothing stores fell 0.1%.

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