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US retail sales rose more than expected in July as consumers continued spending despite high prices.
Sales rose 0.7 per cent in July from the previous month, the commerce department said on Tuesday, well ahead of economists’ expectations of a 0.4 per cent increase, and up from revised 0.3 per cent monthly increase in June.
Consumes spent more on groceries, clothing and petrol, but spent less on big-ticket items such as furniture, electronics, automobiles, and building materials.
The retail control group, which excludes building materials, motor vehicle parts and petrol stations sales, increased by 1 per cent, more than the half-point economists had forecast.
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