Strong Auto Sales Boosts US Retail Spending In June

US retail sending forged higher in June, with a second straight month of accelerating auto sales as the summer driving season set in, the Commerce Department reported Monday.

Washington, (APP - UrduPoint / Pakistan Point News - 16th Jul, 2018 ) :US retail sending forged higher in June, with a second straight month of accelerating auto sales as the summer driving season set in, the Commerce Department reported Monday.

Americans also spent more in bars and restaurants and bought more gasoline, furniture and building supplies, offsetting sharp declines in sales of electronics, groceries, clothing, sporting goods and in department stores.

At $506.8 billion, retail spending was 0.5 percent higher than in May, matching analysts' expectations. But the gain appeared smaller due to sharp upward revision of five tenths in the prior month.

Sales were 6.6 percent higher than June of last year and further fuel for strengthening GDP growth in the second quarter, something widely expected by economists.

Auto sales rose 0.9 percent last month, the biggest jump in three months, while gasoline station sales rose one percent.

Excluding the auto and gas sector, sales still rose 0.3 percent, down sharply from the 1.3 percent gain in May.

Healthcare stores had saw their fastest sales increase in more than 14 years, adding 2.4 percent for the month.

Elsewhere, there were signs of weakness, however. Department stores saw their biggest drop in more than two years, sinking 1.8 percent.

Sporting goods and clothing stores fell 3.2 percent and 2.5 percent, respectively.