RETAIL SALES ROSE 1% IN JUNE AS PRICES REACH FOUR-DECADE HIGH
Key Points:
Retail sales, a measure of purchases at stores, restaurants and online, rose by 1.0% in June as inflation reached its highest level in more than 40 years.
Consensus among economists was a 0.8% increase.
June’s 1% gain comes after May was revised from -0.3% to -0.1%.
Excluding autos, retail sales rose by 1.0% over the month, below the consensus of 0.6%.
Retail sales are up 8.4% from a year prior while consumer prices advanced 1.3% in June from May and 9.1% from a year earlier.
The Right Facts will continue to monitor retail sales.