Sales at retailers such as auto dealers, restaurants and Internet sites rose again in June after a mammoth gain in May, underscoring the strength of the U.S. economy as spring turned to summer.
Sales at retailers nationwide grew 0.5% last month, the government said Monday. That matched the MarketWatch forecast of economists.
The increase last month followed an even bigger burst of spending in May, when sales grew a revised 1.3% instead of previously reported 0.8%.
Retail sales have increased 6.6% over the past 12 months, slightly above the long-run average since 1980.
What happened: Retail sales have accelerated in no small part because of higher gas prices. Gas stations posted a 1% increase last month and sales are up a whopping 21.6% in the past year.
It’s not just all gasoline or rising inflation, however. Americans raised spending in the spring on a variety of goods and services, spurring businesses to increase hiring and production.
Sales at health and personal care stores leaped 2.2% in June. Restaurants posted a 1.5% gain. Internet sales jumped 1.3%. And auto dealers reported a 0.9% increase.
Source : Marketwatch