Economic Buzz: US retail sales climb 0.5% in July

A report released by the Commerce Department on Friday showed retail sales in the U.S. increased in line with economist estimates in the month of July.

The Commerce Department said retail sales climbed by 0.5 percent in July after jumping by an upwardly revised 0.9 percent in June.

The retail sales growth partly reflected a continued surge in sales by motor vehicle and parts dealers, which shot up by 1.6 percent in July after jumping by 1.4 percent in June.

Excluding sales by motor vehicle and parts dealers, retail sales still rose by 0.3 percent in July after climbing by 0.8 percent in June.

Sales by furniture and home furnishing stores jumped by 1.4 percent, while sales by department stores, non-store retailers and sporting goods, hobby, musical instrument and book stores also saw notable growth.

Meanwhile, sales by miscellaneous store retailers tumbled by 1.7 percent and sales by building material and garden equipment and supplies dealers slumped by 1.0 percent.

The report said core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.5 percent in July after climbing by an upwardly revised 0.8 percent in June.

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