- Prior was +0.2% (revised to +0.3%)
- Retail sales m/m +0.7% versus +0.4% expected
- Ex-autos +1.0% versus +0.4% expected.
- Prior ex autos +0.2%
- Control group +1.0% versus +0.5% expected
- Prior control group +0.6% (revised to +0.5%)
- Retail sales ex gas and autos +1.0%. Prior month +0.3% (revised to +0.4%)
- retail sales total $696.4 billion vs $689.5 billion prior
The higher reading on the control group is the fourth month in a row of gains and highlights the ongoing strength of the US consumer. It's the best reading since January. This should help to boost Q3 US GDP forecasts, which are already looking rosy.
There is plenty to worry about in the global economy but the US consumer isn't one of those things. Sales were up 2.3% y/y in July, though that's not adjusted for prices. Furniture and electronics sales continue to be soft but that's because so much of that spending was pulled forward during the pandemic.