Strong auto sales boosts US retail spending | 2018-07-17 | daily-sun.com

Strong auto sales boosts US retail spending

    17 July, 2018 12:00 AM printer

WASHINGTON: US retail sending forged higher in June, with a second straight month of accelerating auto sales as the summer driving season set in, the Commerce Department reported Monday.

Americans also spent more in bars and restaurants and bought more gasoline, furniture and building supplies, offsetting sharp declines in sales of electronics, groceries, clothing, sporting goods and in department stores, reports AFP.

At $506.8 billion, retail spending was 0.5 percent higher than in May, matching analysts' expectations. But the gain appeared smaller due to sharp upward revision of five tenths in the prior month.

Sales were 6.6 percent higher than June of last year and further fuel for strengthening GDP growth in the second quarter, something widely expected by economists.


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