Economic Buzz: US Retail Sales Jump 1% In June

18 Jul 2022 , 08:58 AM

Retail sales in the U.S. jumped by more than expected in the month of June, according to a report released by the Commerce Department. Retail sales shot up by 1.0 percent in June after edging down by a revised 0.1 percent in May. The stronger than expected retail sales growth was partly due to a rebound in sales by motor vehicle and parts dealers, which climbed by 0.8 percent in June after plunging by 3.0 percent in May. Excluding the rebound in auto sales, however, retail sales still jumped by 1.0 percent following a 0.6 percent increase in May. Closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, increased by 0.8 percent in June after falling by 0.3 percent in May.Powered by Commodity Insights