Washington - Retail sales in July jumped 5.5 percent when compared with last year, according to the U.S. Commerce Department's figures released today, with electronics and appliance stores posting a strong 8 percent growth.
Unadjusted monthly sales of electronics and appliances were $8.196 billion, up from 0.2 percent from $8.182 billion in June and up 8.1 percent from $7.876 in the prior-year period.
"Household spending remains tepid amid concerns about economic stability," NRF chief economist Jack Kleinhenz said in a statement about the results. "Current data on the economy is mixed, which signals that retailers will continue planning with caution until a long-term trend can be established."
The figures are similar when sales are adjusted for seasonal variations and holiday and trading-day differences (but not for price changes), with sales increasing 8 percent year over year and decreasing 0.1 percent from June.