Federal Aid Fuels Consumer Spending in July
Headline retail sales rose +1.2% in July. Although the overall increase fell short of the +2.1% median forecast, upward revisions to prior month sales made up for the shortfall. June headline sales, previously reported up +7.5%, were revised higher to +8.4%. Increases over three straight months have now boosted total retail sales value in the U.S. up +2.7% year-over-year, and +1.7% higher than February’s pre-pandemic level.