ARLINGTON, Va.—Total retail sales rose 0.6% in July – turning in the biggest increase since December.
NAFCU Research Assistant Yun Cohen attributed the growth to online retailers."
"Online retailers, boosted by Amazon's Prime Day sales, were among the growth leaders," Cohen said in a NAFCU Macro Data Flash report. "Overall, recent retail figures were much stronger than previously thought, which should bode well for economic growth in the coming months."
June's retail sales were revised upward from a 0.2% decline to 0.3% growth, while May's sales were revised from a 0.1% decline to flat growth, Cohen said.
According to the Census Bureau data, year-over-year growth in retail sales was 4.2% in July, up from 3.4% in June. Core retail sales increased 4% from a year ago, while auto and gas sales rose 4.7% from last year.
"Sales continue to be constrained by muted wage growth and the lack of retail inflation," Cohen added. "Meanwhile, the shift to online shopping continues to take a toll at brick-and-mortar stores."