U.S. retail sales in June remained unchanged, as consumer spending bolstered economic growth prospects for the second quarter, according to a report from the Commerce Department. Decreased receipts at auto dealerships were counterbalanced by gains in other sectors.
Economists had predicted a drop of 0.3%, but instead, retail sales on a year-on-year basis saw a 2.3% increase. Despite a minor slowdown from January 2023's 7.7% gain, the spending by affluent consumers helped offset the softer spending from low-income consumers.
Significantly, online store sales jumped 1.9% last month, adding to a 1.1% increase in May. While gasoline station sales dropped due to falling pump prices, other sectors, such as building materials and garden equipment, showed gains. Concerns about consumer spending persist, with rising credit debt and diminishing pandemic-era savings posing potential hurdles.
U.S. Retail Sales Show Resilience Amid Economic Challenges
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