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US retail sales are carried by services but will slow as jobs market tightens

In June, US retail sales increased by only 0.2%, falling below the consensus prediction of 0.5%. This disappointing result was driven by a decrease in gasoline sales, building materials, and restaurant spending. However, the previous month's data was adjusted upwards by 0.2 percentage points to 0.5%. June's spending was bolstered in other sectors due to a strong labor market. The control group of sales, which impacts non-auto goods consumption in GDP directly, rose by 0.6%, exceeding the consens... Read More

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Content Topics

Retail

Sales

Carried

Services

Will

Slow

Jobs

Market

Tightens

Forex

Posted: Jul 18 2023, 17:23

Author Name: forexlive

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