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.
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