Finance

USD Extends Gains on Retail Sales Data

USD Extends Gains on Retail Sales Data”

Headline retail sales in July were up 0.6%, beating the previous month's 0.3% gain and better than the forecast of 0.4% sales growth. Sales have increased by 3.5% year-over-year.

Excluding auto and gasoline, retail sales still rose a healthy 0.5% in July.

Retail sales in Brazil rose more than expected in June, government data showed on Tuesday, suggesting the central bank's string of large interest rate cuts may be starting to boost the economic recovery.

Nonstore Retailers were up 11.5% from July 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 8.3% from a year ago. "We have yet to see the full effect of back-to-school spending, but pickup in spending was evident both online and in general merchandise, which includes bricks-and-mortar department stores".

The US consumer continued spending freely in July, particularly on motor vehicles and building materials.

"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.

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

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

The weaker dollar ensured United States retailers of overseas goods were not importing inflationary pressures, as the import price index rose at a monthly pace of 1.5% in July, the same as June's reading. Commerce Department figures aren't adjusted for prices, so cheaper fuel costs depress results.

Amazon also played a role as its annual Prime Day promotion last month contributed to a 1.3% jump in sales at online retailers.

But sales at electronics and appliance stores slipped 0.5 per cent last month.

Furniture and home furnishings stores outperformed the broader retail sector with a 5.6% jump in sales over the same month a year ago, according to the latest government report. Sales at clothing stores fell 0.2 per cent after rising 0.7 per cent in June.

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