Retail sales in US hold steady at USD704.3B last month
Date
7/17/2024 3:58:12 AM
(MENAFN) According to advance figures released Tuesday by the US Commerce Department, retail sales in June held steady at USD704.3 billion, showing no change from the previous month. This figure was somewhat unexpected, as market analysts had anticipated a decrease of 0.3 percent. In contrast, the figures for May were revised upward, changing from a previously reported gain of 0.1 percent to a more robust increase of 0.3 percent.
On an annual basis, retail sales reflected a positive trend, rising by 2.3 percent in June in comparison to the same month last year. The Commerce Department noted that total sales from April 2024 through June 2024 increased by 2.5 percent compared to the same period in the previous year. This data underscores the resilience of consumer demand within the US economy, even amid various economic pressures.
However, it is worth noting that retail trade sales saw a slight decline of 0.1 percent in June in comparison to May. Despite this monthly dip, retail trade sales were up by 2 percent when compared to the same month in the prior year. These annual increases suggest that consumer spending remains robust in the world's largest economy, highlighting the ongoing strength of consumer demand.
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