U.S. Retail Sales in June Climb
U.S. sales at retail stores and restaurants rose 0.6 percent in June from the prior month to $457 billion, the Commerce Department said today. Sales were up 2.7 percent from a year earlier, up from annual growth of 2.2 percent in May. Most retail categories saw sales grow last month, led by a 3.9 percent jump in sales at building-supply stores. That was the largest one-month increase in that sector since April 2010 and followed a 2.5 percent drop the prior month.
Total Retail's Take: Retailers around the country breathed a collective sigh of relief after today's sales report. Consumer spending got off to a slow start this year, which is one reason why economists are saying the economy grew at an only 1.1 percent pace from January through March. Spending should continue in an upward trajectory as job creation and improving wage gains are providing households with the means to keep spending.