Retail sales fell more than expected in the United States in July, weighed down by an automotive sector still slowed by the shortage of semiconductors, but also by other categories such as clothing or construction and gardening equipment.
Total sales stand at $ 617.7 billion, down 1.1% from June, according to data released by the Commerce Department on Tuesday. Analysts had expected a drop of 0.2%.
However, sales are 15.8% above the July 2020 level.
As expected, the automotive sector suffered particularly (-3.9%), production still being held back by global shortages of semiconductors.
Clothing sales were also down 2.6% from June, but were 43.4% higher than a year ago. Construction and gardening equipment fell 1.6%.
Online sales, which had jumped with the pandemic, are down 3.1% over one month, while in-store sales are up 3.5% over one month, and 22.8% over one year.
Among the winners for the month of July, on the first step of the podium are gas stations (+ 2.4% over one month, + 37.5% over one year), as well as restaurants and bars (+1 , 7% compared to June, + 38.4% compared to July 2020).
In addition to the shortages of raw materials, the progression of the Delta variant, which has caused cases of Covid-19 contamination to rise again, especially in unvaccinated people, also could slow down consumption a little.
The fear of falling ill and transmitting the virus has indeed taken over for some consumers.
“It is impossible to separate the impact of the drop (in stimulus checks) (which had been paid in March, NDRL) from the possible impact of the Delta variant, which has started to affect (…) restaurants and air travel at the end of July, ”commented Ian Shepherdson, economist for Pantheon Macroeconomics, in a note.
He anticipates an even stronger impact of the Delta variant in August. “We must therefore revise our hopes down quite strongly when consumption in the third quarter,” he said, now counting on an increase of 3%, against 6% a year earlier.
The June data have also been revised up slightly, with an increase of 0.7% instead of 0.6% initially announced.
ats, awp, afp
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