US retail sales rose 0.2% in June, following an upwardly revised 1.0% jump in May, according to the Commerce Department’s Census Bureau. The modest increase was driven by consumers seeking deals and discounts, particularly in the wake of lower gasoline prices.
Retail Sales Trends
Average gasoline prices fell to $4.18 a gallon in June, down from $4.61 in May, freeing up money for spending elsewhere. However, the recent collapse of the ceasefire between the US and Iran has led to a resurgence in oil and gasoline prices.
Retail sales excluding automobiles, gasoline, building materials, and food services increased 0.5% in June, after an upwardly revised 0.8% rise in May. This core retail sales figure is closely tied to the consumer spending component of gross domestic product.
The Bank of America Institute reported that spending at discount clothiers and value grocers started to rise again early this year, as price-conscious consumers seek out deals and discounts. Meanwhile, the FIFA World Cup tournament likely provided a boost to receipts at restaurants and bars.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
