by Calculated Risk on 8/15/2024 08:40:00 AM

On a monthly basis, retail sales increased 1.0% from June to July (seasonally adjusted), and sales were up 2.7 percent from July 2023.

From the Census Bureau report:

Advance estimates of U.S. retail and food services sales for July 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.7 billion, an increase of 1.0% from the previous month, and up 2.7 percent from July 2023. ... The May 2024 to June 2024 percent change was revised from virtually unchanged to down 0.2 percent.
emphasis added

Click on graph for larger image.

This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline).

Retail sales ex-gasoline were up 1.0% in July.

The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993.

Retail and Food service sales, ex-gasoline, increased by 2.9% on a YoY basis.

The change in sales in July was above expectations, however sales in May and June were revised down.