U.S. retail sales increased more than expected in June, pointing to strong consu...
WASHINGTON - U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.
Fed Chairman Jerome Powell last week told lawmakers the central bank would “act as appropriate” to protect the economy against risks stoked by a trade war between the United States and China, as well as slowing global growth. Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.7% last month after an upwardly revised 0.6% increase in May. These so-called core retail sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported to have increased 0.4% in May.
With consumer spending and job growth regaining momentum, some economists argued that the Fed should not cut rates at the end of this month. Auto sales increased 0.7% in June after a similar gain in May. Receipts at service stations fell 2.8%, reflecting cheaper gasoline. Sales at building material stores rebounded 0.5% after dropping 1.5% in May. Receipts at clothing stores rose 0.5%.
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