Retail sales rise at slower-than-expected pace in June

Josh Schafer·Reporter
Tue, July 18, 2023 at 8:37 AM EDT · 2 min read

June retail sales missed Wall Street estimates but still showed growth while an upward revision to sales in the prior month indicated that the US economy remains resilient. ... Retail sales rose 0.2% in June from the previous month, lower than Wall Street's estimates for 0.5% growth. Sales excluding auto and gas increased 0.3%, in line with estimates from economists surveyed by Bloomberg. Meanwhile, May's sales were revised up to 0.5% from 0.3%.

Seven of the 13 categories highlighted in the release saw increases from a month ago. Furniture and home furniture stores increased 1.4% while electronics and appliance stores gained 1.1%. Growth at nonstore retailers, which includes online sales, helped keep total sales higher than the month prior with a 1.9% increase from May.

Department stores saw sales decline 2.4%. Meanwhile, gasoline stations declined by the most of any major category, falling 1.4% from the month prior. Sales at grocery stores fell 0.7%. The monthly retail sales report does not adjust statistics for inflation.

The report, released by the Commerce Department, offers a snapshot of consumer spending at a time when economic data has been coming in stronger than expected and spurring discussion about the Fed's interest rate hike campaign ending without a recession. The retail sales increase in June comes as consumer prices rose at their slowest pace in more than two years during the month.

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