According to our analysis USDJPY and EURUSD moved 84 pips on US Retail Sales data on 15 August 2024.

USDJPY (63 pips)

EURUSD (21 pips)

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July 2024 Retail and Food Services Sales Show Solid Growth Amid Economic Uncertainty

The U.S. Census Bureau recently released its advance estimates for retail and food services sales in July 2024, showcasing a steady rise in consumer spending. Despite ongoing economic uncertainties, the report reveals encouraging signs for the retail sector, with both month-over-month and year-over-year growth exceeding expectations.

Key Highlights:

• Total Sales: U.S. retail and food services sales for July 2024 were estimated at $709.7 billion. This marks a 1.0% increase from June 2024 and a 2.7% rise compared to July 2023.

• Three-Month Comparison: Sales for the May through July 2024 period climbed by 2.4% compared to the same period in 2023, indicating a sustained upward trend in consumer spending.

• Retail Trade: Sales in retail trade grew by 1.1% from June 2024 and by 2.6% year-over-year. This sector continues to be a vital component of the overall economy, reflecting consumer confidence and purchasing power.

• Nonstore Retailers: Nonstore retailers, which include online shopping platforms, saw a significant 6.7% increase from July 2023. This growth underscores the ongoing shift towards e-commerce and the importance of digital channels in modern retail.

• Food Services and Drinking Places: This category experienced a 3.4% rise from July 2023, highlighting the resilience of the hospitality sector as it continues to recover from the impacts of the pandemic.

Revised Data for June 2024

Interestingly, the previously reported data for June 2024 was slightly adjusted. Initially, the change from May to June was reported as virtually unchanged (±0.5 percent). However, this has been revised to reflect a modest decline of 0.2% (±0.2 percent). While this revision is minor, it points to the importance of accurate data collection and analysis in understanding economic trends.

What This Means for the Economy

The July 2024 retail and food services sales figures suggest that despite ongoing challenges, such as inflationary pressures and fluctuating consumer confidence, the U.S. economy continues to show resilience. The steady increase in sales, particularly in nonstore retail and food services, indicates that consumers are still willing to spend, especially in areas that offer convenience and experiences.

This growth is a positive indicator for businesses across the retail spectrum, from traditional brick-and-mortar stores to online platforms. The continued recovery in the food services sector is particularly noteworthy, as it reflects consumers' increasing comfort with dining out and engaging in social activities.

As we move forward, it will be essential to monitor how these trends evolve, especially in the face of potential economic headwinds. However, for now, the data from July 2024 provides a reason for cautious optimism in the retail and food services sectors.

Conclusion

The latest advance estimates from the U.S. Census Bureau paint a picture of steady growth in consumer spending across retail and food services in July 2024. With a 1.0% month-over-month increase and a 2.7% rise compared to the previous year, the data suggests that the U.S. economy remains on a solid footing. As businesses continue to navigate an evolving economic landscape, these figures offer a glimmer of hope and a sign that the retail sector, in particular, is adapting and thriving.

Stay tuned for further updates and analysis as we continue to track these critical economic indicators.

Source: https://www.census.gov/retail/sales.html

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