US retail sales rose 1% in July, versus 0.3% expected

• US retail sales rose more than expected in July.
• The US dollar index remains in positive territory above 103.00.

U.S. retail sales rose 1 percent to $709.7 billion in July, the U.S. Census Bureau reported Thursday. This reading followed the 0.2% (revised from 0%) decline in June and came in better than market expectations for a 0.3% increase.

In the same period, retail sales ex Autos rose 0.4%, beating analysts’ estimate of 0.1%.

“Total sales for the period May 2024 to July 2024 increased by 2.4% compared to the same period a year ago,” the publication said. “Retail sales rose 1.1% from June 2024 and 2.6% from last year.”

Market reaction

The US dollar is gathering strength against its rivals following these upbeat data. At press time, the US dollar index was up 0.5% on the day at 103.06.