United States: Retail sales rise mildly in June
July 15, 2013
In June, retail sales rose 0.4% over the previous month in nominal terms. The reading was below both the revised 0.5% rise recorded in May (previously reported: +0.4% month-on-month) and market expectations of a 0.8% increase. Nine out of the 13 categories that make up the index expanded over the previous month, with sales at non-store retailers and furniture stores experiencing the largest gains.
Retail sales excluding cars and gas - a closely watched subcategory within the retail trade index - contracted 0.1% over the previous month. The reading contrasted both the 0.3% rise in April and market expectations of a 0.3% expansion.
Compared to the same month last year, retail sales rose 5.7%. This figure was well above the revised 4.4% increase recorded in May (previously reported: +4.3% year-on-year) and marked the highest rate since March 2012. As a result, the trend now points upwards, with annual average growth in retail sales rising from 4.4% in May to 4.6% in June.
FocusEconomics Consensus Forecast panellists expect private consumption to grow 1.9% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees private consumption increasing 2.7%.