July retail sales come in well above expectations even accounting for the downward revision in June from 0.4% to 0.2%.
The U.S. Census Bureau announced the advance estimates of U.S. retail and food services sales for July 2018.
Advance estimates of U.S. retail and food services sales for July 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $507.5 billion, an increase of 0.5 percent from the previous month, and 6.4 percent above July 2017.
Total sales for the May 2018 through July 2018 period were up 6.3 percent from the same period a year ago. The May 2018 to June 2018 percent change was revised from up 0.5 percent to up 0.2 percent.
Retail trade sales were up 0.4 percent from June 2018, and 6.0 percent above last year.
Gasoline Stations were up 22.2 percent from July 2017.
Nonstore Retailers were up 8.7 percent from last year.
Retail Sales Categories
Consumers are spending their tax cuts, and then some. The tax cuts are front loaded.
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