U.S. Immigration and Business: Data released by the U.S. Department of Commerce on the 13th shows that U.S. retail sales rebounded in July, and the Department also revised upward the retail data for the previous month.
The data shows that, after seasonal adjustment, total U.S. retail sales in July were $446.5 billion, an increase of 0.6% month-on-month and 2.4% year-on-year. Among these, consumption in furniture, building materials, and automobiles saw significant growth, while spending on electronics, home appliances, and department stores declined month-on-month.
Excluding the more volatile automobile and parts sector, U.S. retail sales for the month grew by 0.4% month-on-month, consistent with the revised growth rate of the previous month.
The Department of Commerce also revised the retail data for the previous month. The revised data shows that retail sales in June remained flat month-on-month, whereas it was previously reported as a 0.3% decline. Analysts expect that U.S. economic data for the second quarter may also be revised upward.
Consumer spending accounts for approximately 70% of total U.S. economic activity and is an important indicator of U.S. economic trends. Federal Reserve Chair Janet Yellen stated during her testimony to Congress in July that a steadily improving labor market and low oil prices will continue to support the growth of consumer spending.