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US retail sales fall for second straight month

Friday, July 14, 2017 - 21:00

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US retail sales unexpectedly fell in June for a second straight month, which could temper expectations of strong acceleration in economic growth in the second quarter.

[WASHINGTON] US retail sales unexpectedly fell in June for a second straight month, which could temper expectations of strong acceleration in economic growth in the second quarter.

The Commerce Department said on Friday retail sales fell 0.2 per cent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets.

Americans also cut back on spending at restaurants and bars, as well as on hobbies.

May's retail sales were revised to show a 0.1 per cent dip instead of the previously reported 0.3 per cent drop. Retail sales rose 2.8 per cent year-on-year in June.

Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 per cent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

REUTERS

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