The U.S. Census Bureau reported estimated advanced U.S. retail and food services sales for July of $536 billion, marking a rise of 1.2 percent (± 0.5 percent) from June and 2.7 percent (± 0.7 percent) above July of last year, according to a Friday (Aug. 14) statement.
The increase fell below estimates, with economists polled by Dow Jones having forecast a rise of 2.3 percent, CNBC reported.
Total sales spanning from May to July were down 0.2 percent (± 0.5 percent) from the same time a year prior. Retail trade sales were higher by 0.8 percent (± 0.5 percent) from June and 5.8 percent (± 0.7 percent) higher than 2019. Non-store merchants were up by 24.7 percent (± 1.4 percent) from July of last year, and food and beverage stores were up by 11.1 percent (± 0.9 percent) from 2019.
Additionally, the May to June percentage change was updated to up 8.4 percent (± 0.2 percent) from up 7.5 percent (± 0.5 percent).
The Census Bureau said August’s advance monthly retail report is set to be unveiled on Sept. 16.
Electronics and appliance stores saw monthly sales surge 22.9 percent, while motor vehicle and parts dealers experienced a 1.2 percent drop. Food services and drinking places saw monthly sales rise 5 percent, while sporting goods, hobby, musical instrument and book stores experienced a 5 percent fall.
In separate news, Goldman Sachs had forecast that eCommerce will grow by 19 percent each year over the next three years, marking an increase from its previous 16 percent forecast. The company said the acceleration was primarily powered by faster growth in the U.S., Western Europe, Brazil and a good portion of APAC.
Additionally, Goldman Sachs indicated that eCommerce penetration grew to over 40 percent in May from 16 percent of retail spending in the U.S. in Q1 2019. The company reported that “traditional retailers” like Target and Kroger registered “triple digit growth” in eCommerce revenues and online shopping platforms like Alibaba and Etsy experienced “surging demand.”
Selected by Fintech Tube