Japan’s retail sales grew for the fifth straight month in July, data published by the Ministry of Economy, Trade and Industry showed Monday. Retail sales grew 2.4 percent year-on-year in July, faster than the 0.1 percent increase seen in June. This was the fifth consecutive rise in retail sales and also exceeded the economists’ forecast of 2.1 percent.
On a monthly basis, retail sales were up 1.1 percent in July, data showed. The recent strength in retail sales is unlikely to last, Marcel Thieliant, an economist at Capital Economics, said. While retail sales recovered further in July, the high frequency data point to a renewed fall in August as the Delta wave intensified, the economist said. The economist forecasts a 0.8 percent sequential drop in consumption in the third quarter.