United States’ July retail sales extend June strength

The possibility of a September rate cut is high but not a slam-dunk, as US Fed officials have tempered calls for an outsized cut in September, writes KPMG US Senior Economist Ken Kim.

July retail sales rose 0.5 percent in the United States, a touch below the consensus expectation of up 0.6 percent. June retail sales were revised upward to show a gain of 0.9 percent from the originally reported 0.6 percent. Excluding autos, retail sales rose 0.3 percent, which was in line with the consensus. Sales at motor vehicles and parts dealers rose 1.6 percent after rising 1.4 percent in June, which is consistent with the strength in the unit sales data. Light vehicle sales rose t...

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Authors: Kenneth Kim

Published Date: 20 August 2025