US consumer spending held up well in July, latest figures showed, with online sales boosted by Amazon Prime Day.
Figures released by the Commerce Department showed retail sales rose a seasonally adjusted 0.7% in July, better than the 0.4% FXStreet compiled consensus. Excluding autos, sales rose a robust 1%, also against a 0.4% forecast.
July’s numbers were boosted by a 1.9% jump in spending at online retailers, boosted by Amazon Prime day, while sporting goods and related stores increased 1.5% and food service and drinking places rose 1.4%.
On the downside, furniture sales slumped 1.8% and electronics and appliance stores reported a 1.3% drop. Gas station sales rose just 0.4% on the month despite rising prices at the pump.
US stock futures remain firmly in negative territory after the report, with Dow futures now down 0.7%, although futures for the Nasdaq have improved marginally, now down only 0.5%.