- July 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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Retail Sales Remain Flat in June, Defying Predictions
Retail sales in June were stagnant, going against expectations of a decline amidst indications of a slowdown in the US economy. This unexpected performance left economists surprised as they had predicted a decrease in spending of 0.3%, according to Bloomberg data.
On the bright side, May’s retail sales figures were revised upwards to show an increase of 0.3%, up from the initial reading of 0.1%, based on Census Bureau data.
Looking closer at the numbers, June sales, excluding auto and gas, actually saw a significant increase of 0.8%, surpassing the consensus estimates of a 0.2% rise. Moreover, the control group, which excludes volatile categories and contributes to the Gross Domestic Product calculation for the quarter, marked a growth of 0.9% in June, exceeding the anticipated 0.2% increase.
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Positive Signs Amidst Concerns
Despite the overall flat performance in retail sales for June, the robust 0.9% month-over-month rise in control group sales provided some relief regarding consumer sentiment. This improvement was noted by Capital Economics chief North America economist Paul Ashworth, who mentioned in a client note that the strong gain in June sets a positive tone for better performance in the third quarter.
Breaking down the sales by category, nonstore retailers saw the most significant gains, with a 1.9% increase, while gasoline station sales declined by 3% and motor vehicle and parts dealers experienced a 2% drop.
The updated consumer spending data reflects a cooling but still expanding US economy. The figures, coupled with better-than-expected inflation readings, have raised expectations in the market for an interest rate cut by the Federal Reserve in their upcoming September meeting.
Outlook and Predictions
Industry experts like Citi’s senior global economist Robert Sockin believe that the consumer spending trends are stable, alleviating concerns about a sharp economic slowdown. This assessment may influence the Fed’s decision-making process, potentially postponing any immediate rate cuts until September.
During a recent interview, Federal Reserve chair Jerome Powell did not provide specific timelines for the easing cycle, emphasizing the data-dependent approach the Fed is adopting in making policy decisions.
This dynamic economic landscape underscores the importance of staying informed and utilizing tools like AI legalese decoder to navigate through the complexity of market trends and make strategic decisions.
(ASSOCIATED PRESS)
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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