The volume of retail sales in the United States in July increased by 1.2% compared with June. This is stated in a press release from the US Department of Commerce.
Analysts polled by Reuters had expected the indicator to rise 1.9% on a monthly basis.
The June figure was revised to rise by 8.4% from 7.5%.
At the same time, the volume of retail sales, excluding automobiles and components, increased in July versus June by 1.9%. The same figure for June was revised up to 8.3% growth from the previous estimate of a 6.7% increase.
Retail sales are one of the most important indicators of the state of the US economy since consumer spending accounts for about 70% of the country's GDP. The indicator is published monthly by the US Department of Commerce and can serve as an indicator of consumer demand and the level of consumer confidence in the economy. Given the high volatility in car sales, many analysts prefer to track retail sales without taking this product group into account.