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.
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