U.S Retail Sales Inched Up by 0.2% in July – August Report

Retails and foods services sales inched up for the eighth time in nine months; during July 2013, the index slightly increased by 0.2% compared with June’s sales and was also above the sales recorded during July 2012. 

Today, August 13th, the U.S. Department of Commerce (pdf file) came out with its monthly report on the changes in the U.S. retail and food sales for July 2013.

This report adjusts for seasonal variances and holidays but doesn’t control for price changes. In July, the U.S. retail and food sales reached $424.5 billion, which are 0.2% higher than the sales in June and 5.4% higher than in July 2012. This gain in retail sales might have slightly contributed to the moderate gain in stocks during today’s trading.

Moreover, gasoline stations sales increased again by 0.9% in July compared to June and were 4.9% above the sales in July 2012. This means the U.S demand for retail gas continues to progress; it also means demand for energy commodities such as gasoline is rising. This news may pull back up the price of oil form the strong growing demand for gasoline. Finally, the latest slight gain in the retail sales might suggest the U.S economy is slowly progressing.

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