Numbers released by the US Census Bureau and quoted by Diamond World reveal that retail and food-services sales grew 3.2% year-on-year to $696.4 billion in July, “surpassing the figures recorded in June.”
Matthew Shay, President and CEO of the National Retail Federation (NRF), said that the surge can be attributed to events such as Amazon’s Prime Day and other retail promotions.
Shay noted: “The July retail sales demonstrate the continued impact of consumer spending on the economy, even amid economic challenges. This trend is powered by consistent job growth and wage increments. Retailers are committed to furnishing essential products at competitive prices, catering to families and students, particularly as we approach the conclusion of an anticipated record-setting back-to-school shopping season.”
