Total nominal retail sales and food-services spending were unchanged in July following an 0.8 percent increase in June. From a year ago, retail sales are up 10.3 percent and remain well above the pre-pandemic trend (see first chart).
Nominal retail sales excluding motor vehicle and parts dealers and gasoline stations – or core retail sales – rose 0.7 percent in July, matching the 0.7 percent gain in June. From July 2021 to July 2022, core retail sales are up 9.3 percent. As with total retail sales, core retail sales remain well above the pre-pandemic trend (see first chart).