Monday, July 15, 2013

Retail Sales Grew 0.4% in June

Retail sales rose 0.4% in June. June’s growth follows a 0.1% downward revision to May and a 0.1% upward revision to April. Retail sales are now 5.7% above year ago levels, an improvement over May’s 4.4% gain and the strongest year over year growth in 2013. June’s sales increase is attributed to the increased auto sales.

Auto sales increased 1.8% in June, its third consecutive monthly gain exceeding 1%. Sales at gasoline stations improved 0.7%, an acceleration from May’s revised 0.4% gain. Excluding auto and gas, sales declined 0.1%, and were 4.5% above year ago levels.

There were pockets of strength in June’s disappointing report. Furniture and home furnishings improved 2.4%. Building materials sales preformed the worst, declining 2.2% from the previous month.

Read the Census report.

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