U.S. Retail Sales Show that Spending is Outpacing Inflation

By: Dylan Sykes

Friday, August 18, 2023

July's U.S. retail sales report showed a healthy American consumer, with spending outpacing inflation. At a seasonally adjusted 0.7 percent, the print was higher than June’s 0.3 percent, marking the fourth consecutive month of increases. Compared to last July, retail sales increased by 3.2 percent. In comparison, the U.S. consumer price index rose 0.2 percent in July.

Online shopping was the top spending category; Americans also continued spending at restaurants and bars. Purchases at furniture and electronic/appliance stores dropped.

Excluding automobiles, gasoline, building materials and food services, retail sales jumped 1 percent in July, while June data was revised lower to show these so-called core retail sales increasing 0.5 percent instead of the previously reported 0.6 percent.

Retail sales measure spending at stores, online and in restaurants; they are mostly goods and are not adjusted for inflation.

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