Mixed Results for Retail Sales in June

Retail sales in the US rose by 0.2% in June, marking the third consecutive month of growth. However, the increase was slower than expected and below economists' forecasts. Furniture sales saw a significant jump of 1.4%, while spending at department stores fell by 2.4%. Excluding sales at gasoline stations and on cars and parts, retail sales rose by 0.3% from May. Overall, retail sales increased by 1.5% compared to June 2020, indicating a modest pace of growth. The figures suggest that US consumers are still spending, despite higher interest rates, inflation, and economic uncertainty, but the sustainability of this momentum remains uncertain.