Sales at U.S. retailers rose solidly in June for the fourth month in a row, pointing to a strong rebound in consumer spending in the second quarter that suggests the economy is not as fragile as the Federal Reserve apparently believes.
Retail sales increases 0.4% last month, the government said Tuesday. Economists polled by MarketWatch expected a 0.1% gain.
The increase was an even larger 0.7% if gasoline sales are stripped out. Falling oil prices caused a big drop in sales at gas stations.
Retail sales offer a clear window in the health of the consumer-driven U.S. economy. Retail spending bounced back in the second quarter after a weak start early in the year.
Internet retailers led the way again with a 1.7% increase in sales. Sales also rose at restaurants, grocers, home-furnishing stores, clothing outlets, home centers and pharmacies.
Sales fell a sharp 1.1% at department stores, which been losing out to Internet rivals for years. Electronics stores also saw a small dip.
The increase in sales in May was trimmed to 0.4%, but sales in April were revised up a notch to show a 0.4% increase. So, a wash.
Source : MarketWatch
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