Retail Sales Rise Slightly in June, but Below Forecasts – By Tim Smart (US News) / July 18, 2023
Private data shows a stronger rise for retail sales year over year.
Retailers saw sales rise by 0.2% in June from last month, a mark below estimates as increased purchases at restaurants and bars was not enough to offset other areas of consumption, the Census Bureau reported on Tuesday.
Economists had been looking for an increase of 0.5%. Sales are not adjusted for inflation and may have been affected by the drop in gasoline prices that has occurred recently.
Some private data on retail sales offers more optimism, especially when compared with 2022 numbers. And excluding the often volatile categories of autos and gasoline, sales were up by 0.3% in June, above estimates of a flat reading.
Retail sales have received a boost from declining inflation and continued wage increases that have helped improve the purchasing power of Americans.
