US retail sales fall short of forecasts in June, but growth still seen
(ShareCast News) - Retail sales volumes in the States fell short of forecasts in June amid less spending at gasoline stations and on sporting goods and books.
Total retail sales declined by 0.2% month-on-month to reach $473.5bn, according to the Department of Commerce.
That was less than the 0.1% gain expected, although May's reading was marked up from a 0.3% fall to -0.1%.
Excluding automobiles, sales were even weaker, falling by 0.2% on the month, instead of the 0.2% increased which had been expected.
Sales at gasoline stations registered the largest drop, shriking by 1.3% to $219.85bn, alongside a 0.6% fall in sales at sporting goods, hobby, book & music stores to $38.69bn.
In comparison to a year ago, retail sales were 2.8% higher.
Despite the "fairly broad-based" decline in June retail sales, Michael Pearce, US economist at Capital Economics, pointed to still robust consumer sentiment as an indicator that consumption would still grow at a steady pace over the remainder of the year.
He also pointed out that in terms of quarterly rates of change consumption had rebounded from a quarterly pace of expansion of 1.4% in the first three months of 2017 to a rate of between 2.5% and 3.0%.