U.S. retail sales increased more than expected in June, pointing to strong consu...
WASHINGTON - U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.
Fed Chairman Jerome Powell last week told lawmakers the central bank would “act as appropriate” to protect the economy against risks stoked by a trade war between the United States and China, as well as slowing global growth. Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.7% last month after an upwardly revised 0.6% increase in May. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4% in May.
With consumer spending and job growth regaining momentum, some economists argued that the Fed should not cut rates at the end of this month. Auto sales increased 0.7% in June after a similar gain in May. Receipts at service stations fell 2.8%, reflecting cheaper gasoline. Sales at building material stores rebounded 0.5% after dropping 1.5% in May. Receipts at clothing stores rose 0.5%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China June aluminum output climbs to daily record - Reuters calculationsChina's daily aluminum output hit record levels in June, according to Reute...
Read more »
South Korea imports no oil from Iran in June; first-half imports fall 37%South Korea imported no crude oil from Iran for a second month in June following...
Read more »
China June industrial output up 6.3% year-on-year, beats forecasts, retail sales up 9.8%China's industrial output grew 6.3% in June from a year earlier, official d...
Read more »
Obituary: Jennie Litvack died on June 27thThe blower of the shofar was 55
Read more »
China churns out record daily steel output in June - Reuters calculationChina's daily crude steel output rose to record levels in June, according t...
Read more »