Retail sales rose 0.2% in June, coming off a strong 0.5% increase in May.
Why it matters: Consumers are still spending and still exhibiting remarkable resilience.
By the numbers:
- Sales were up at motor vehicles and parts dealers (0.3%), furniture stores (1.4%), electronics and appliance stores (1.1%), clothing and accessory stores (0.6%), miscellaneous stores (2%), non-store retailers (mostly online sellers) (1.9%), and food and drinking places (0.1%).
- Sales were down at building material and garden supply stores (1.2%), food and beverage stores (0.07%), health and personal care stores (0.1%), gas stations (1.4%), sporting goods and hobby stores (1%), and general merchandise stores (0.1%).
Be smart: COVID savings are largely spent, and credit card balances have risen sharply. If consumers are to continue spending, it will be because of the strong jobs market and income growth above inflation. |