US retail sales up by 0.5% in July, best in 4 months

By on Aug 13, 2011 in Business, Economy, Finance, United States Comments

Retail sales in the U.S. went up last July by 0.5% and the data was the best in 4 months, and showed that Americans spent their money mostly on furniture, clothing and gas, with its prices now dropping.



Image Credit: Census.gov

As announced by the US Commerce Department on Friday, August 12, 2011, the country’s retail sales for last month was $390.4 billion or 0.5 percent from the previous month, with the graph being shown here.

According to a pdf file report by the US Census Bureau, last month’s retail sales is 8.7% higher than in July 2010, while the combined retail sales from May to July 2011 were 8.2% above the same period last year.

Apparently, motor vehicle sales in the US were noted to have increased 0.5 percent in July and sales at gasoline sales increased 1.6 percent. Excluded sales also rose 0.5 percent on the month.

“Consumer spending reflects the confidence of the American people, and despite recent economic turbulence, we’re still seeing widespread growth in spending,” Acting U.S. Commerce Secretary Dr. Rebecca Blank was quoted at Commerce.gov on Friday.

“The president knows that the more people spend, the more businesses grow and hire more workers, and that’s why in the coming months, this administration will continue to fight for what the American people care about most: new jobs, higher wages and faster economic growth.” Blank added.



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