US retail sales beat expectations to rise 0.7% in July

Retail and food sales rose 3.2%

US retail and food services sales rose 0.7% in July, according to the country’s Commerce Department, beating June’s 0.3% increase and the 0.4% Dow Jones estimate for the month.

Over the year since July 2022, retail and food sales rose 3.2%. US inflation records first increase in 13 months as July CPI edges up to 3.2% The figures are adjusted for seasonal variation and holiday and trading-day differences, but not for inflation, showing consumers are keeping ahead of pervasive price increases over the past two years.  Total sales for May 2023 through July 2023 were up 2.3% from the same time a year ago.  The May 2023 to June 2023 percentage change was revised from up 0.2% to up 0.3%, the Department of Commerce said. July's numbers were boosted by a 1....