US sees surprise sales increase in June

US sales surprise cent stations
Gulf
  • Date: 07/19/2021
  • Source: Jordan Times
  • Sector: Retail
  • Country: Gulf

US sees surprise sales increase in June

WASHINGTON "” Against expectations, US retail sales rose in June, the Commerce Department said on Friday, with shoppers stepping up purchases at department stores and electronics outlets as pandemic business restrictions ease. Sales rose 0.6 per cent last month to $621.3 billion, beating forecasts for a decline after they fell by a downwardly revised 1.7 per cent in May, the data said. Sales jumped the most at department stores, electronics and appliance retailers and clothing outlets, as well as at gas stations, likely a consequence of rising oil prices and an increase in domestic travel. Motor vehicle and parts dealers, however, saw a two per cent fall in sales amid soaring used car prices and a shortage of semiconductors that's forced some manufacturers to idle assembly lines. "Core" retail sales excluding gas stations and the auto sector rose 1.1 percent. "To see core sales rising so strongly in June is a positive sign that consumers feel confident and are still cash-rich, in aggregate," said Ian Shepherdson of Pantheon Macroeconomics. Government stimulus payments combined with an easing of Covid-19 business restrictions has pushed retail sales higher in recent months, though the growth has been uneven. Gas stations saw sales rise 2.5…