2023-07-18 14:54:00
US retail sales rose less than expected, while uAn underlying indicator of household spending pointed to a more resilient consumer at the end of the second quarter.
He value of retail purchases rose 0.2% in June dAfter an upward revision of 0.5% in May, according to Commerce Department data released Tuesday. The figures are not adjusted for inflation.
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So-called control group sales — which are used to calculate gross domestic product and exclude food services, car dealerships, building-supply stores and gas stations — accelerated to a 0.6% gain, double the increase from the previous month.
The government’s first estimate of second-quarter gross domestic product will be published next week, and the latest retail sales data will help economists adjust their GDP forecasts.
Sales increased in seven of 13 retail categories last month, including gains in non-store retailers, electronics stores and local furniture outlets. The value of purchases at building materials stores, gas stations and grocery stores decreased.
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