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- U.S. retail sales increase more than expected in June
U.S. retail sales increase more than expected in June
The Commerce
Department announced on Tuesday the sales at U.S. retailers rose 0.4 percent
m-o-m in June, following a revised 0.4 percent m-o-m advance in May (originally
a gain of 0.5 percent m-o-m), supported by higher purchases of motor vehicles
and a variety of other goods.
Economists had
expected total sales would increase 0.1 percent m-o-m in June.
Excluding auto,
retail sales also increased 0.4 percent m-o-m in June after a revised 0.4
percent m-o-m advance in the previous month (originally an advance of 0.5
percent m-o-m), exceeding economists’ forecast for a 0.1 percent m-o-m uptick.
Meanwhile,
closely watched core retail sales, which exclude automobiles, gasoline,
building materials and food services, and are used in GDP calculations,
advanced 0.7 percent m-o-m in June after an upwardly revised 0.6 percent m-o-m
rise in May (originally an increase of 0.4 percent m-o-m).
In y-o-y terms,
the U.S. retail sales surged 3.4 percent in June, accelerating from a revised +2.9
percent in the previous month (originally +3.2 percent).
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