“US retail sales rose in June, reflecting broad gains across spending categories and wrapping up a solid Quarter for household demand“– Paul Ebeling
The value of overall retail purchases advanced 0.6% in June following a downwardly revised 1.7% in May, US Commerce Department figures showed Friday. Excluding autos, sales jumped 1.3% in June.
The June increase in overall sales topped all estimates in a survey of economists. The median projection called for a 0.3% decrease in June sales, and a 0.4% gain excluding autos.
The value of retail sales has risen sharply this year, supported by government stimulus and elevated savings.
Consumers are now shifting their purchases toward services. Combined with still-solid retail demand, economists forecast household spending expanded at a robust pace in Q-2.
9 of 13 retail categories posted increases in June sales, including solid gains at electronics and appliance outlets, clothing stores and restaurants.
Control group sales, which are used to calculate GDP, and exclude food services, auto dealers, building materials stores and gasoline stations, rose 1.1% in June after a downward revision in May.
The reopening of the economy, especially those businesses hit hardest by the absence of social activity during the virus chaos, is helping bolster sales.
Have a prosperous weekend, Keep the Faith!