U.S. retail and food services sales growth from June to July beat expectations, according to seasonally adjusted, advance data for July from the U.S. Census Bureau. They rose 1%, though they were expected to increase only 0.3%. They also handily beat the 0.2% drop in that occurred from May 2024 to June 2024.

There was a resurgence in auto sales, but additionally, “the increase in July sales, the largest month-over-month rise in a year-and-a-half, likely received a boost from retailers’ summer promotions from the likes of Amazon and Target,” said ICSC research manager Matthew Panfel. “Back-to-school shopping likely had a positive impact on sales last month, too, although surprisingly, sales at apparel retailers saw a slight month-over-month dip. This latest reading on consumer spending continues to demonstrate their resiliency in an environment with elevated — but slowing — inflation, higher interest rates and a cooling labor market.”

Biggest Month-over-Month Increases in Sales

Month-over-Month Decreases in Sales