The Commerce Department reports that while July saw modest growth in overall retail sales, the numbers were helped by a surge in auto and gasoline sales.<\/p>\n
According to the report, food and retail sales, including the auto industry, were up 5.5 percent as compared to one year ago, and up 0.4 percent from June. New and used car sales, meanwhile grew 8.9 percent year-on-year, while gas sales posted a 12.2 percent growth.<\/p>\n
When adjusted to exclude the strong showings from car-related industries, the retail sector was only up 4.9 percent yearly and 0.2 percent monthly, meaning car sales were responsible for nearly half of the monthly growth and a significant portion of the yearly growth. While most industries posted small gains, department stores notably slipped 0.8 percent as compared to 2009.<\/p>\n
Some investors have been concerned that the economic recovery is losing momentum at a critical juncture, according to DailyFinance. While the overall numbers were slightly below expectations, many saw the auto industry’s strong showing as a good signal.<\/p>\n
“July was a bit of a mixed bag,” Kamalesh Rao, director of economic research for MasterCard SpendingPulse, told the news source.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commerce Department reports that while July saw modest growth in overall retail sales, the numbers were helped by a surge in auto and gasoline sales. According to the report, food and retail sales, including the auto industry, were up 5.5 percent as compared to one year ago, and up 0.4 percent from June. New […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,18],"tags":[],"yoast_head":"\n