Retail sales in the US rose 0.2% in June, which is lower than the expected 0.3% increase. According to the Commerce Department, this increase is down from May’s revised 1% increase. The World Cup and online sales events, such as Amazon’s Prime Day, helped boost spending last month.
Retail Sales Categories
Sales were up across most categories, with online retailers and car dealerships experiencing the largest increases at 1.9%. In contrast, sales at gas stations plummeted 5.3%, and health and personal care stores fell 0.8%. Spending at restaurants and bars edged higher by 0.1% last month.
Consumer spending, which accounts for about two-thirds of the US economy, has held up this year despite higher inflation and weak consumer sentiment. The labor market remains solid, although low-income households are feeling the pain of price hikes and mounting debt more than their high-income counterparts.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
