Upside surprise in US June retail sales
By Alexander Bueso
Date: Friday 16 Jul 2021
(Sharecast News) - US retail sales surprised to the upside in June, driven by increased demand for electronics, gasoline and fashion.
According to the Department of Commerce, retail sales volumes grew at a 0.6% month-on-month pace to reach $621.3bn.
Economists had penciled in a drop of 0.5% versus May.
Excluding motor vehicles and parts, retail sales jumped by 1.3% following a 0.9% decline in the month before.
Sales of motor vehicles and parts fell by 2.0%, alongside a 3.6% fall in sales of furniture, a 1.6% decrease in those of building materials and a 1.7% retreat in those of sporting goods.
All other goods categories registered increases with sales of electronics rising by 3.3%, those at gasoline stations up 2.5%, fashion sales 2.6% stronger and those of miscellaneous store retailers up 3.4%.
Following Friday's release on retail sales, Barclays Research second quarter GDP tracker rose by three tenths of a percentage point to 9.2% in quarterly and annualised terms.
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