Shoppers paused their spending June from May as they deal with moderating inflation but still high interest rates that have made buying anything on credit more expensive. Retail sales were unchanged in June from May, which was better than economists expected, after being revised at up -0.3% in May, according to the Commerce Department.
FILE - A holiday sale sign is displayed at a retail store in Rosemont, Ill., June 25, 2024. On Tuesday, July 16, 2024, the Commerce Department releases U.S. retail sales data for June. NEW YORK — Shoppers paused their spending June from May as they wrestle with moderating inflation but still high interest rates that have made buying anything on credit more expensive.
Retail sales were unchanged in June from May, which was better than economists expected, after being revised at up 0.3% in May, according to the Commerce Department. Last month, April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.Online sales rose 1.9% while business at restaurants rose 0.3%. Clothing and accessories store sales rose 0.6%.
Government retail data isn’t adjusted for inflation, which declined 0.1% from May to June, according to the latest government report. High inflation helps to inflate retail sales figures.
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