Amazon's Prime Day and other retail promotions appear to have given a meaningful pop to July retail sales.
Amazon's Prime Day and related sales could have driven up July''s monthly retail sales more than expected, according to Bank of America Merrill Lynch economists.
Michelle Meyer, BofA's head of U.S. economics, said she expects retail sales excluding autos to have risen by 0.6% and about half of that would have been from Prime Day and other promotions bycompetitors. Wall Street's consensus forecast is for a 0.3% gain in July on headline retail sales, according to Refinitiv. Meyer expects headline retail sales to rise by 0.4%.
BofA economists also analyzed Bank of America credit card data, which they say shows spending gained 0.8%, according to credit and debit card data. The gain was due in part to Amazon's Prime Day promotions but also the historic heatwave in much of the country.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
John Bolton heads to London for highest-ranking US visit since Boris Johnson became prime ministerNational security adviser John Bolton headed to London on Sunday to start a two-day trip of meeting key players in the new government. He is the highest ranking US official to visit the United Kingdom since Boris Johnson became prime minister.
Read more »
Luxembourg prime minister promises aid for tornado victimsLuxembourg's prime minister has promised that financial aid will be available to help people who had homes damaged or destroyed by a rare tornado that injured at least 19 people.
Read more »
‘Live 1969’ Is a Fascinating Snapshot of Elvis Presley in His Comeback Prime‘Live 1969’ is a fascinating snapshot of Elvis Presley in his comeback prime. Read our review
Read more »
Amazon in talks to buy up to 10% stake in India's Future Retail: BloombergAmazon.com Inc is in late-stage talks to buy as much as 10% of India's Futu...
Read more »
'This thing literally rocks': Amazon shoppers love the Bose SoundLink Micro — on sale for only $79The Bose SoundLink Micro Bluetooth speaker, which has more than 2,200 near-perfect reviews, is now on sale.
Read more »