BOOM: July Retail Sales Come In Strong, With Big Upward Revisions To The Previous Month

shopping shop grocery carts

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The number:

July retail sales of 0.5% came in line, accelerating form a revised 0.3%.

Ex-auto sales came in +.05% ahead of estimates of 0.3%. The previous month was revised from 0.0% to +0.2%.

And ex-autos and gasoline, the number was +0.3%, ahead of the 0.2% expected.

The big story: Solid headline numbers.

The bigger story: Big previous-month upward revisions across all.

Original post: The last really big economic datapoint for the week: The advance look at July retail sales.

Analysts are expecting 0.5% headline growth (up from 0.1%) last month.

Ex-auto the number is expected to be just 0.3% and ex-auto/gas growth is expected to be just 0.2%.

Interestingly, while economic data has weakened, it hasn’t been that bad. Certainly markets, not data, are leading the way.

The number is out at 8:30.