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United States: Retail sales rebound in June
Latest reading: Retail sales grew 0.6% month-on-month in seasonally adjusted terms in June (May: -0.9% mom), easily beating market expectations. June’s pickup was broad-based, with the motor vehicle and parts dealers, food and beverages and general merchandise stores sub-sectors all gaining steam.
On an annual basis, retail sales rose at a faster rate of 3.9% in June (May: +3.3% yoy). Accordingly, the trend improved, with the annual average growth of retail sales coming in at 3.7% in June, up from May’s 3.6%.
Panelist insight: TD Economics’ Ksenia Bushmeneva said:
“The improvement in sales coincides with recent signs of stabilization in consumer confidence. Although still at a low level, sentiment has steadied in recent weeks as economic uncertainty eased somewhat, financial markets recovered, gas prices declined, and the labor market continued to churn out jobs.”
