US retail sales rose more than expected in July

US retail sales rose 0.7 percent monthly in July, above expectations.

The US Department of Commerce announced retail sales data for July.

Consequently, retail sales rose 0.7 percent compared to the previous month of July, reaching $696.4 billion. Market expectations were for retail sales to rise 0.4 percent per month in this period. Retail sales also rose 0.3 percent in June.

Retail sales in the country rose 3.2 percent on-year in July. Expectations were for retail sales to rise 1.5 percent on-year in that period. Retail sales rose 1.6 percent on-year in June.

The increase in retail sales last month was driven by increases in non-store retail sales, sporting goods, hobbies and books, food and beverages, clothing, and health and personal care products.

On the other hand, sales in furniture, electronics, household appliances, automobiles, and spare parts stores also decreased.

Analysts said the data showed consumer spending remains resilient despite higher borrowing costs and prices. (AA)