U.S. retail sales rise sequentially in June on auto and gasoline sales
Source: FxWire Pro - Commentary / 16 Jul 2018 10:27:09 America/New_York
U.S. retails sales grew in line with expectations. On a sequential basis, retail sales rose 0.5 percent, while the May data were downwardly revised to 1.3 percent from 0.8 percent. Retail sales were slightly boosted by auto and gasoline sales. Excluding both these two categories, retail sales rose modestly by 0.3 percent.
At the core level, retail sales came in flat on the month, weaker than consensus expectations of a 0.4 percent rise. Core retail sales for May were upwardly revised by 0.3 percentage points to 0.8 percent. The retail sales data so far imply solid household spending in the second quarter and are probably indicative of higher after-tax disposable income underpinning stronger rates of private consumption, noted Barclays in a research report.
Total retail sales were stimulated by healthcare, eating and drinking, non-store retailers, gasoline station, and building materials sales. Countering the strength in the categories above, there were declines in sporting goods, clothing and department stores sales.
The retail sales data for June were weaker than expected at the core level. But this was more than countered by strength in non-core categories and substantial upward revisions to the May data.
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