US faces second straight month of declines in retail sales in June
The U.S. Commerce Department announced today, July 14 that the country's retail sales fell by more than expected in June for a second straight month. According to the report, total retail sales slipped 0.5% after a 1.1% drop in May.
THE U.S. Commerce Department announced today, July 14 that the country's retail sales fell by more than expected in June for a second straight month. According to the report, total retail sales slipped 0.5% after a 1.1% drop in May. The U.S. economy has lost substantial momentum since late last year, as fiscal stimulus plays itself out.
Sales were hit by a decline in sales of petrol and cars and were slightly worse than the 0.2% fall expected by analysts. Furniture, building-material, sporting goods and grocery stores were among the other areas seeing a pullback in purchases. Six of 13 major retail categories showed decreased demand in June. The June decline in retail sales was larger than the 0.2 percent fall that economists had expected. Sales at gasoline stations fell, down 2% as pump prices declined.
According to the U.S. Commerce Department report, purchases at electronics and appliance stores were up by 1.3% and clothing sales rose 0.6% in the month of June. Some industries showed signs of strength in June. Department stores sales posted a 1.1 percent gain. However, Wal-Mart Stores dipped 0.7%. Health and personal care sales climbed 0.5%.
According to the U.S. Commerce Department report, purchases at electronics and appliance stores were up by 1.3% and clothing sales rose 0.6% in the month of June. Some industries showed signs of strength in June. Department stores sales posted a 1.1 percent gain. However, Wal-Mart Stores dipped 0.7%. Health and personal care sales climbed 0.5%.
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