U.S. retail sales for the month of June were $506.8 billion, an increase of 0.5 percent from the prior month and up 6.6 percent year-over-year, according to the Census Bureau.

The advance estimates are based on a subsample of the Census Bureau’s full retail and food services sample. A stratified random sampling method is used to select approximately 5,500 retail and food services.

May’s sales growth were revised up from 0.8 percent to 1.3 percent, while April’s growth was revised down from 0.4 percent to 0.3 percent.

“Overall, consumer spending saw robust growth during the second quarter, supported by a strong labor market and stimulative tax cuts,” Yun Cohen, research assistant at the National Association of Federally-Insured Credit Unions, said in a statement. “Sales growth is expected to remain healthy in the second half of the year, though higher interest rates and uncertain trade policies pose downside risks.”

Between the first half of 2017 and the first half of 2018, sales at gasoline stations are up nearly 14 percent, while sales at non-retail stores are up 10 percent.

In June alone, pharmacies reported a month-over-month sales increase of 2.2 percent, followed by restaurants (+1.5 percent), nonstore retailers (+1.3 percent), gas stations (+1 percent) and auto dealers (+0.9 percent). Sales at sporting goods and hobby stores decreased 3.2 percent, followed by apparel stores (-2.5 percent) and department stores (-0.8 percent).

U.S. Retail Sales Grow in June

by Banker & Tradesman time to read: 1 min
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