U.S. retail sales rose for the second consecutive month in June, according to Census Bureau data
U.S, retail sales rose for the second consecutive month in June, according to Census Bureau data released Thursday, as consumers reacted to an easing of stay-at-home orders and continued to spend on autos, made more attractive by low interest rates—though the figures don’t account for a surge in Covid-19 cases that caused many states to revisit their lockdowns.... [+]Consumers rang up an estimated $524.3 billion in purchases in June, up 7.5% from May’s revised total of $487.
June sales were essentially flat compared with June 2019, but in an environment that saw sales fall off a cliff in April, a 1% year over year gain counts as good news. For the second consecutive month, the most popular hangout for consumers was the auto showroom floor, accounting for about 20% of total sales for both May and June, as consumers not pinching pennies due to Covid-19 layoffs took advantage of deals and rock-bottom interest rates courtesy of the Fed.
June sales at grocery stores were on par with the May tally at about $64 billion, as consumers continue to cook at home. The $47 billion in June sales at restaurants represented a nearly 60 percent improvement over April, but still lagged the $64 billion in sales seen in the previous June as restaurants were either closed altogether or were required to limit capacity in their dining rooms to help reduce the spread of coronavirus.
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