United States Retail Sales Mom

Retail sales in the US jumped 1% mom in June of 2022, beating forecasts of a 0.8% gain, and recovering from a downwardly revised 0.1% drop in May. Figures showed consumer spending remains robust but also reflect a general increase in prices for goods and services. Retail sales aren’t adjusted for inflation. Sales at gasoline stations recorded the biggest increase (3.6%), followed by sales at nonstore retailers (2.2%); miscellaneous store retailers (1.4%); furniture stores (1.4%); food services and drinking places (1%); motor vehicle and parts dealers (0.8%); and sporting goods, hobby, musical and book stores (0.8%). On the other hand, lower sales were recorded for building materials (-0.9%), clothing (-0.4%) and in general merchandise stores (-0.2%). Excluding automobiles, gasoline, building materials and food services, the so-called core retail sales rose 0.8% in June, after a 0.3% drop in May.