US Retail Sales for July totaled $682.82 billion, a 10.3% increase compared to July 2021, but remain flat (0%) compared to June 2022 which totaled $682.56 billion. Excluding autos and auto parts, retail sales rose 0.4% in July. Lower gas prices likely freed up money for people to spend elsewhere. Gasoline sales slid 1.8%, reflecting the drop in pump prices.
Consumer spending accounts for nearly 70% of U.S. economic activity and has remained mostly resilient even with year-over-year inflation near a four-decade high, rising economic uncertainties and the surging costs of mortgages and borrowing money. Still, overall spending has weakened, and it has shifted increasingly toward things like groceries, and away fewer necessary things like electronics, furniture, and new clothes.
|Category||July 2021||July 2022||Dif.|
|Total Retail Sales||682,815||619,180||10.3%|
|Motor vehicle & parts dealers||124,948||122,346||2.1%|
|Food & beverage stores||78,964||72,837||8.4%|
|Health & personal care stores||33,623||32,512||3.4%|
|Clothing & clothing accessories||25,891||25,303||2.3%|
Source: U.S. Census Bureau, Advance Monthly Retail Trade Survey