Advance Monthly Sales for Retail and Food Services, July Report.
Advance estimates of U.S. retail and food services sales for July 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $709.7 billion, an increase of 1.0% (±0.5 percent) from the previous month, and up 2.7 percent (±0.5 percent) from July 2023. Total sales for the May 2024 through July 2024 period were up 2.4 percent (±0.5 percent) from the same period a year ago. The May 2024 to June 2024 percent change was revised from virtually unchanged (±0.5 percent)* to down 0.2 percent (±0.2 percent)*.
As for those revisions...
So a big upward month, after all the previous month's downward revisions.
When adjusted for inflation...
Of course the current unadjusted number (709,668) is similar to December 2023 original advance report (709,890), which has been revised downward to current 703,256.
Even with all the revisions, today's release appears to be a sharp uptick from previous months, but still following a near flat line pattern, when factoring inflation.
Digging into the data... Sales advanced $6.806B from previous month. $4.703B was in the autos, a rebound from previous month, due to cyber attacks.
That leaves $2.103B. The downward revision from previous two months of -$1.636B and upward revision of April (+$0.010B) leaves a net gain of $477M.
That explains away about 93% of that "stellar" report.
Not exactly sure how that qualifies as stellar, but okay, what's done is done... until next month's round of revisions.
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