US Retail Sales Beat Expectations
US retail trade rose 0.4 percent from a month earlier in June 2019, the same pace as in May and above market expectations of 0.1 percent, boosted by purchases of motor vehicles and a variety of other goods.
7/16/2019 12:47:04 PM
10 of 13 major retail categories showed month-over-month increases.
Sales at motor vehicle & parts dealers advanced 0.7 percent, after a similar gain in the previous month; and those at building material stores rose 0.5 percent, recovering from a 1.5 percent drop in May. In addition, receipts at clothing stores were up 0.5 percent (vs -0.2 percent in May) and online and mail-order purchases jumped 1.7 percent, matching May's increase. Sales also rose at: furniture & home furniture stores (0.5 percent vs -0.1 percent); food & beverage stores (0.5 percent vs 0.1 percent); health & personal care stores (0.5 percent vs 0.9 percent); general merchandise stores (0.2 percent, the same as in May); miscellaneous store retailers (0.6 percent vs 0.8 percent); and restaurants and bars (0.9 percent vs 1 percent).
On the other hand, spending at hobby, musical instrument and book stores was unchanged (vs -0.1 percent in May) while receipts at service stations fell 2.8 percent (vs -0.8 percent in May), reflecting cheaper gasoline, and those at electronics & appliance stores declined 0.3 percent (vs 0.8 percent in May).
Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.7 percent in June after an upwardly revised 0.6 percent increase in May. These so-called core retail sales correspond most closely with the consumer spending component of GDP.
Year-on-year, retail trade growth picked up to 3.4 percent from 2.9 percent in the previous month.