Retail sales post modest monthly gain
U.S. retail sales increased slightly in June, helped by stronger spending at motor vehicle and parts dealerships, according to data released Thursday by the Commerce Department.
Retail sales rose 0.2% during the month, following an upwardly revised 1.0% increase in May.
The latest reading fell just short of economists’ expectations, as analysts had forecast a 0.3% monthly gain. The original estimate for May had been a 0.9% increase.
Auto sales drive headline growth
The overall increase was largely driven by vehicle-related purchases.
When sales from motor vehicle and parts dealers were excluded, retail sales slipped 0.2% in June after rising 1.0% in May.
Economists had expected core retail sales, excluding autos, to decline by a more modest 0.1%, suggesting underlying consumer spending was slightly weaker than anticipated during the month.