US retail sales for July exceed economists’ projections

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    U.S. retail sales accelerated in July by the highest level in over a year, Bloomberg reports. 

    The value of retail purchases, unadjusted for inflation, increased 1% in July and was helped by a sharp snapback in car sales, Commerce Department data showed Thursday. Excluding autos and gasoline stations, sales were up 0.4%.

    Ten of the report’s 13 categories posted increases. Car sales bounced back strongly last month after a cyberattack on auto dealerships led to a sizable drop in June. Electronics and appliances also posted solid gains. E-commerce sales rose at a modest clip, potentially reflecting heavy discounting in the period by Amazon.com Inc.’s Prime Day and other promotions from Walmart Inc. and Target Corp.

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