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U.S. retail sales stabilized in June, and the underlying trend remained strong, which may boost expectations for economic growth in the second quarter.
“Retail sales data remained stable last month, following an upward revision of 0.3% in May,” the Ministry of Commerce’s Statistics Bureau said on Tuesday.
Economists polled by Reuters had expected retail sales, which are mostly goods and not adjusted for inflation, to fall 0.3%. However, the outlook for future sales is not optimistic.
Households are becoming more price sensitive and focusing on basic needs when making purchases, which is evident in earnings data reports from major retailers and manufacturers.
Retail sales excluding automobiles, gasoline, building materials and food-related services increased 0.9% last month after increasing 0.4% in May.
Before the retail sales data was released, expectations for growth in the April-June quarter were around 2%. The economy grew 1.4% in the first quarter. (Reuters)
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