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U.S. retail sales rebound in July

Xinhua, August 14, 2015 Adjust font size:

U.S. retail sales rebounded in July following zero-increase in June, giving support for the economy in the third quarter.

In July, retail sales went up 0.6 percent from the previous month, with June revising to zero growth from an initial reading of a 0.3 percent decline, said the Commerce Department Thursday. On a year-on-year basis, sales went up 2.4 percent in July.

Except for electronics and appliance stores sales, general merchandise stores sales and food and beverage stores sales, all the categories registered increases in July. Excluding volatile categories such as autos, sales added 0.4 percent in July. Sales excluding autos in June was also revised up to 0.4 percent from previous estimate of 0.1 percent decline.

Retail sales account for about one-third of consumer spending, the main engine of the economic activity. Many Federal Reserve officials expect consumer spending to pick up pace in the coming months, with lower energy prices, improved labor market, and potentially faster wage growth. Endite