Auto industry is one of the major manufacturing unit in US which strives towards the development in retail economy. Many local as well as the international companies are developing for marketing their auto products.
The retail sales of US which faced a lot of decline for the past two months has increased their sales because of the increase in the car sales in the month of July. When we consider the car sales the total retail sales got increment by 0.4% and when we exclude the car sales, the overall retail sales rose by 0.2%, according to Commercial Department.
Retail sales indicate the growth of the economy in US. When compared with the sales of July in 2009 and 2010, the sales of 2010 are 5.9% higher than the previous year sales of the same month. The sales in July 2010 are $362.7 billions. During the month of June, the retail sales decreased by 0.3% and the May sales dropped by 1%.
When we consider the sales of the cars and the parts of the cars they rose by 1.6% and the petrol sales rose by 2.3%. Unlike the sales of Petrol, cars and car parts the other fields sales like clothing, electronics and furniture all faced a drop. The department store sales decreased by 1% .
Although, the sales increased, but there was not a tremendous increment in the sales.
131,000 jobs were lost during the month of July, according the numbers of the US economy. When compared with the month of July, the economic growth is slow in the months of May and June.
Car sales are on hike because of the companies like General Motors and Ford which made the retail sales to grow.